Roth IRA For Kids: EVERYTHING You Need to Know + Step-by-Step Tutorial

Setting up a Roth IRA for children, whether to give them a head start on their retirement savings or as a temporary vehicle for funds earmarked for their education, is a pretty slick move employed by savvy parents. In this video, I go over why you would set up a Roth IRA for your children (also known as a custodial Roth IRA), the rules for setting up a Roth IRA for children, and how exactly you can set up a Roth IRA for your kids at Fidelity...step-by-step! ► Looking for a new CPA firm? Check out mine! https://choicetaxrelief.com/ Table of Contents: 0:00 Roth IRAs for Kids 1:29 Basic IRA Rules 3:01 Why the Roth IRA Is Superior to a Traditional IRA for Children 4:16 How a Roth IRA Can Make Your Child a Millionaire 7:09 Here's the Catch (Earned Income) 8:05 How We Generate Earned Income for Our Young Children 9:12 FICA Tax Exemption When You Employ Your Own Child 10:38 How S Corporation Owners Can Get the Exemption 13:33 Start a Business and Pay Your Kid! 14:16 What If Your Kid Makes Money Outside of Your Own Business? 15:04 Where to Open a Roth IRA for Your Kids 15:50 How to Open a Custodial Roth IRA for Kids in Fidelity Step-by-Step #rothira #rothiras #generationalwealth