Fund an IRA with Your Child’s Summer Job

02.04.2014-IRA

If your child has a job this summer, encourage him or her to set up an IRA.  Our Bergen County CPA office offers you insight to this.

The amount that can be contributed is $5,500 of the child’s earnings, whichever is less.  If you wish, you can even provide the cash for the IRA and let your child spend his or her earnings.  Roth IRAs are generally a smarter choice for children than traditional IRAs. We cater to Bergen County CPA tax preparation in New Jersey since we are a Bergen County accountant firm.

For assistance with this or other tax or accounting matters please contact us at 201-947-8081 or 646-688-2807, or email us at info@bergencountycpa.com.

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