Hey, everyone, it's Laura. I hope you're having a great Thanksgiving holiday weekend if you're celebrating.

I'm taking some time with my family this week and wanted to set up a great Q&A show for Finance Friday.

In this episode, you'll hear a listener named Tony's voicemail question about how to help his kids put money in Roth IRAs. I answer his terrific question and explain

legitimate ways minors can have a Roth IRA and take advantage of its massive tax-saving benefits.

I hope you enjoy and I'll be back next week with brand new shows.

Music and I'll be back next week with brand new shows.

Hi, Laura.

I own a small business, and I currently have no employees.

My kids have done work for my business for many years.

I've always paid them a few dollars and noted it as contract labor as I did with anyone else.

Last year, I paid my youngest $1,200, and she contributed all of it to a Roth IRA.

She's in college and had a scholarship of $4,000.

My questions are, does the scholarship have to be reported as income?

And for the $1,200, should I create a $1099 for her and take out federal taxes?

Or did she even make enough money to be required to file a tax return?

And if not, do I still have to create a $10.99 to show taxes pay for the money contributed to the Roth?

I enjoy the show, and I look forward to hearing back from you.

My name is Tony.

Thank you for your voice message and great questions, Tony.

I love that you're exploring ways for your kids to invest in their futures using Roth IRAs.

If you also have kids or plan on becoming a parent someday and you want to help them grow rich,

stay with me.

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