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Thursday, January 03, 2008
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The Kid’s ROTH IRA HandbookAuthor: Tracy Foote
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About This Book
Roth Individual Retirement Accounts were created in 1997. They are named for the late Republican Senator William Roth Jr. Roth IRAs are different from traditional IRAs. Roth IRAs are funded with after-tax contributions, so there is no allowable tax deduction. However, retired individuals do not have to pay taxes when they take distributions from a Roth IRA, providing lifelong tax protection of the earnings in the account.
This book, subtitled Securing Tax-Free Wealth From a Child's First Paycheck or Money Answers for Employed Children, Their Parents, the Self-Employed and Entrepreneurs, is a starting point for children and parents. The focus is on the dependent child (with no dependents of their own) who has a yearly income that ranges from $1.00 to the amount of the single standard deduction allowed by the IRS for the current tax year ($5,350 in 2007).
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