[quote=plm]What a coincidence, I just realized this morning that when I quit my job (because they force you into the office and I don’t think it is safe because of Covid) then I will not be able to do the Roth IRA because you need earned income for that, not investment income. But if I create a company for my rental as you suggest, then it can pay me each year for taking care of the rental so I can continue contributing to a Roth IRA![/quote]
What im trying to avoid is creating a company to do this in my case. You cant give yourself a 1099 so you will need some entity to give you a 1099…
But i think im suppose to give anyone that does work for me a 1099, and so if my kid does really do bookkeeping for me, im suppose to give them a 1099. Just wondering if this is sufficient proof of earned income to allow a Roth IRA.
Paying my kid for $1000/years worth of work to unlock a $6000/year investment account that can grow tax free many years seems like a good tradeoff
