MicrostockGroup Sponsors

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

0 Members and 1 Guest are viewing this topic.

« on: June 20, 2022, 12:16 »
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 »
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 »
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!


Related Topics

  Subject / Started by Replies Last post
12 Replies
Last post July 19, 2007, 15:50
by CJPhoto
8 Replies
Last post October 16, 2009, 03:18
by fotorob
3 Replies
Last post April 30, 2013, 03:51
by Kerioak~Christine
1 Replies
Last post September 14, 2013, 16:50
by DallasP
39 Replies
Last post June 11, 2020, 13:32
by CommuniCat


Mega Bundle of 5,900+ Professional Lightroom Presets

Microstock Poll Results


3100 Posing Cards Bundle