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Author Topic: Child Photography Income / Roth IRA  (Read 500 times)

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« on: June 20, 2022, 12:16 »
0
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!


« Reply #1 on: June 20, 2022, 19:17 »
+1
Keep in mind you can only pay $600 until you have to send out a 1099.

Uncle Pete

  • Great Place by a Great Lake - My Home Port
« Reply #2 on: June 20, 2022, 23:04 »
0
Keep in mind you can only pay $600 until you have to send out a 1099.

$600.01 but that's just the law. Over $600 must file a 1099.

Otherwise, aside from a 1 cent detail, good point!


 

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