I recently had a child and I was thinking about having them model for some stock photography images. I read that you can open a custodial Roth IRA account for your child and can contribute the child's earned income to the retirement account. Since I'm a sole proprietor I don't have to deduct payroll taxes and as long as they earned less than I believe $12,500K they don't have to file a tax return.
Has anyone done this before? If so how much do you pay them per photo session? I don't think I can just pay them $6k for one session to max out their contributions for the year. Thanks!