Questions tagged [children]
The children tag has no usage guidance.
20
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Strategies for putting away money for a child's future (college, etc.)?
So my wife and I will be having our first child at the end of the year, and I'm trying to devise a strategy for things like putting money away for the little person now, while I have the time and ...
- 30.4k
51
votes
2
answers
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Can I hire my kid and start a Roth IRA for him?
I own an LLC, of which I am currently the sole member. It's my main source of income.
I am wondering if there is a reason why I could not do the following:
Hire my child as a part-time employee of ...
- 2,761
14
votes
2
answers
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Do my kids need to file a tax return?
My kids (minors) each received a gift of some stock from my wife's parents last year. The stock is in the kids' names, with my wife listed as the custodian. They each made just slightly over $100 in ...
- 116k
11
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3
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At what age should I begin discussing money - saving, spending, investing - with my child / children?
In addition, when should I open a savings account at our bank for my kids; and give them accountability over it?
- 8,683
40
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1
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Where can I put savings for my kid that I literally cannot withdraw from?
I currently have a second savings account where I'm saving money for my child's future - most likely it will be used for their college and/or wedding.
I've heard horror stories of parents stealing ...
- 909
25
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8
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Why do people take out life insurance on their children? Should I take out a policy on my child?
I've always found those flyers that the schools send home in September contemptible. But maybe I'm the one in the dark...?
If the purpose of life insurance is to replace a wage-earner's income in ...
- 8,683
23
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9
answers
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What are the best strategies to give pocket money or an allowance to children?
What are the best strategies to give pocket money or allowance to a child especially if you would like to teach them something through this, e.g. saving?
- 2,448
15
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Does having several kids really mean I don't pay any federal taxes?
My wife and I are foster parents, and long story short we are planning to adopt three kids this year. In anticipation of this I went ahead and considered the kids as dependents for 2021 and updated my ...
- 8,827
10
votes
6
answers
956
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Is it a good idea to teach children that work is linearly related to income?
It seems to me that, if you want to teach children at an early age about the benefits of careful personal finance, and other fun concepts (like an intuitive understanding of compound interest), paying ...
- 1,659
10
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2
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Does a gift to a baby that's accepted by a parent count as a gift to the parent?
I live in the United States, and I recently had a baby girl. My mother would like to give her some money by check, but the baby doesn't have a bank account yet. I've read that I should be able to ...
- 667
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How can I cash or deposit a check made out to my minor child?
Does my bank need to be aware of my child first?
Do I need to, or should I, add anything to the back of the check where I would normally endorse it?
- 339
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1
answer
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What are the best options for an RESP for my 2 year old kid?
Just starting to look into RESPs for my kid. There are RESP funds, or I could just throw money in a GIC... wondering where else I should look... and what I can do.
- 496
5
votes
1
answer
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Qualifying income for Roth IRA for a child?
I'm thinking about my still-toddler boy, and trying to figure out how to help him get an income which would allow him to start contributing to a Roth IRA. I am aware that the value of such an IRA ...
- 187
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4
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529 (college saving) account for multiple kids
I have a 529 account for my 3-year-old. We just discovered we're expecting another baby. Is it better to open a new 529 for the new baby or just keep contributing to one and then split it later on?
- 195
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1
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If I defer the 2021 child tax credit can I base it on my 2021 income?
The 2021 child tax credit includes payments that the IRS will send from July to December of 2021. The payment is based on the 2020 filing. However I get the impression that it is really based on the ...
- 1,296