My son became finally 18 years old and moved out (yeah!!!!!!) He is working as a student intern job. So far he has two accounts
1. UTMA (Custodian account) - 6K
2. Roth IRA for Minor - 18K (thanks for hardworking at minimum pay job in the restaurant)
I spoke with Fidelity and they said he opens regular brokerage account and Roth IRA accounts and call with custodian together to convert the balance between. So he opened regular brokerage account and Roth IRA.
Here are question.
1. Do I (parent) need to report 8606 form next year for conversion from Roth IRA for minor to Roth IRA? I never did this, but usually 8606 form was sent for backdoor IRA, so I am thinking that we may need to submit some information to IRA?
2. UTMA to regular brokerage account - any tax implication? He has only 6K. current his job (intern), he is making around 10k for year. I am filing him as a dependanta (tax) and he will also file a tax for himself for his earning. Do you see any concerns?
1. UTMA (Custodian account) - 6K
2. Roth IRA for Minor - 18K (thanks for hardworking at minimum pay job in the restaurant)
I spoke with Fidelity and they said he opens regular brokerage account and Roth IRA accounts and call with custodian together to convert the balance between. So he opened regular brokerage account and Roth IRA.
Here are question.
1. Do I (parent) need to report 8606 form next year for conversion from Roth IRA for minor to Roth IRA? I never did this, but usually 8606 form was sent for backdoor IRA, so I am thinking that we may need to submit some information to IRA?
2. UTMA to regular brokerage account - any tax implication? He has only 6K. current his job (intern), he is making around 10k for year. I am filing him as a dependanta (tax) and he will also file a tax for himself for his earning. Do you see any concerns?
Statistics: Posted by AsterUp — Thu Aug 29, 2024 8:31 am — Replies 1 — Views 139