I turned 18 and want to start maxing my Roth IRA every year I can before hitting the income threshold.
I currently only have about 1.5k of earned income from a job I used to work.
Is it possible for me to set up my own business that offers services. Then my parents pay me 8k in services (obviously these services would be provable for the IRS) throughout the year. Because I would be self-employed, I would pay 15% self-employment tax with the remaining 7k being contributed to my Roth IRA?
18 Year Old; Parents Paying for Personal Service for Roth IRA
byu/DiaPhoenix intax
Posted by DiaPhoenix