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Incredible work Ben Ji. Especially (no offense, only respect) given what you were exposed to with money moves growing up. KK has a great IRA story.Sent from my iPhone using Tapatalk
Quote from: steve dave on March 19, 2021, 08:32:02 PMIncredible work Ben Ji. Especially (no offense, only respect) given what you were exposed to with money moves growing up. KK has a great IRA story.Sent from my iPhone using TapatalkPost the story, KK!
katkid (and any other parents), hire your children now for $5500/year or whatever the roth ira contribution limit is. to clean their rooms or whatever.put all of their wages into a roth ira.
Quote from: sys on March 24, 2021, 07:17:33 PMkatkid (and any other parents), hire your children now for $5500/year or whatever the roth ira contribution limit is. to clean their rooms or whatever.put all of their wages into a roth ira.I don’t even think they let farmers and small biz owners get away with those shenanigans without showing their work on paystubs and paying payroll taxes.
Quote from: Kat Kid on March 24, 2021, 07:26:44 PMQuote from: sys on March 24, 2021, 07:17:33 PMkatkid (and any other parents), hire your children now for $5500/year or whatever the roth ira contribution limit is. to clean their rooms or whatever.put all of their wages into a roth ira.I don’t even think they let farmers and small biz owners get away with those shenanigans without showing their work on paystubs and paying payroll taxes.I know when I worked on farm I was always paid in commodities which I had to immediately sell. May have been illegal, who knows!
sorry, report as self-employment income, not other compensation.
Quote from: sys on March 24, 2021, 08:20:55 PMsorry, report as self-employment income, not other compensation.I am an absolute sucker for tax schemes so I will definitely look into this further.
What would be the best type of account for starting a college fund for little ww? 529? or is there something better? tia
Quote from: WillieWatanabe on March 28, 2021, 11:08:36 AMWhat would be the best type of account for starting a college fund for little ww? 529? or is there something better? tiaAbsolutely a 529. Lots of states will give you a state tax deduction. If your state doesn't let you deduct you can set one up on Vanguardhttps://www.learningquest.com/home/learn/benefits-features/tax-advantages.html
Quote from: michigancat on March 28, 2021, 11:16:41 AMQuote from: WillieWatanabe on March 28, 2021, 11:08:36 AMWhat would be the best type of account for starting a college fund for little ww? 529? or is there something better? tiaAbsolutely a 529. Lots of states will give you a state tax deduction. If your state doesn't let you deduct you can set one up on Vanguardhttps://www.learningquest.com/home/learn/benefits-features/tax-advantages.htmlJust keep in mind many smart people say to worry about maxing your own retirement accounts first. Doesn’t do junior a lot of good to pay for college if he’s gotta support you later. Also retirement funds (I think) are less likely to count against him for financial aid. That said 529s are great for their purpose. I’ve already got some going for my 3.5 and 2 year olds.
Quote from: WillieWatanabe on March 28, 2021, 11:08:36 AMWhat would be the best type of account for starting a college fund for little ww? 529? or is there something better? tiaBabies first Bitcoin is a thing I’ve done for friends.
My wife and I were both sick yesterday from the vaccine. We both feel fine today but yesterday was similar to when we had Covid.