[USER]

How can I open a Roth for my 17 yr old who only makes money doing things around the house.

No idea how the earned income works without a W2 job, what qualifies, would she need to file a tax return & what proof needs to be shown.

Probably would be around $100 per month.

[Jared]

I’m pretty sure you can convert the 529 plan to a roth after they turn 18. Just do that, get the tax credit for yourself and simplify it.

[Aubree]

You could open an individual TOD and then they can use the funds for anything like tuition, first car, first apartment/house etc.

The Roth they wouldn’t be able to freely touch without worrying about how much they already contributed until they are 59.5.

But honestly an HYSA (high yield savings account) would be the best.

No chance of loosing the investment at the time the funds are needed.

Discover and Sofi are pretty good HYSAs

[Qiuyi]

Maybe you can give them a 1099 for what they earn at the end of the year?

[Heather]

You can’t contribute to a Roth unless they have earned income. Chores explicitly do not count.

If they mow lawns for neighbors, that does count.

[Author]

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