arnolddr
Level 2
03-01-2022
06:37 PM
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Tax Payer contributed Roth IRA for her 19.20 years old dependents under taxpayers custudy.
Dependents' Roth transaction affect tax issues and it it reportable?
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TaxGuyBill
Level 15
03-01-2022
07:57 PM
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Did the dependents have enough "earned income" to allow the IRA contributions?
Are the dependents required to file a tax return?
arnolddr
Level 2
03-01-2022
08:06 PM
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Dependents have no income
sjrcpa
Level 15
03-01-2022
08:19 PM
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Then no ROTH, or regular, IRA contributions can be made for them.
So now there are excess IRA contributions which must be withdrawn, plus the earnings.
The more I know the more I don’t know.
