- Jan 18, 2001
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My daughter, a legal adult but a senior in high school, will have unearned income this year but does not have a job. I'm trying to figure out the best way for her start a retirement account. But as far as I can tell, if she only has this unearned income:
1) she cannot invest in a Roth IRA at all, and
2) If she invests in a traditional IRA the investment is not deductible
Does anyone see it different? Is there some other retirement option for unearned income? If I am correct, she can start a traditional IRA, but the money will be fully taxed now, and fully taxed when she withdraws it (in about 50 years).
1) she cannot invest in a Roth IRA at all, and
2) If she invests in a traditional IRA the investment is not deductible
Does anyone see it different? Is there some other retirement option for unearned income? If I am correct, she can start a traditional IRA, but the money will be fully taxed now, and fully taxed when she withdraws it (in about 50 years).
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