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A
arnolddr
Level 2
March 2, 2022
Solved

dependent Roth IRA Contribution and stock transaction

  • March 2, 2022
  • 1 reply
  • 4 views

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?

This topic has been closed for replies.
Best answer by sjrcpa

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So now there are excess IRA contributions which must be withdrawn, plus the earnings.

1 reply

T
TaxGuyBill
Level 15
March 2, 2022

Did the dependents have enough "earned income" to allow the IRA contributions?

Are the dependents required to file a tax return?

    A
    arnolddrAuthor
    Level 2
    March 2, 2022

    Dependents have no income

    sjrcpa
    sjrcpaAnswer
    Level 15
    March 2, 2022

    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    So now there are excess IRA contributions which must be withdrawn, plus the earnings.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.
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