I just opened up a custodial IRA for my 13-year-old child. They were volunteering over the summer and received cash tips. Does it make sense to report $5000 in cash tips and file an IRS return in order to fund this Roth IRA what are your thoughts?
Posted by Critical_Noise_3331
1 Comment
The answer is going to depend more on how they earned this money. They were volunteering for who? Who paid them tips?