Hi Laura, I want 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

contributes it 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 1099

to show taxes pay for the money contributed to the Roth? I enjoy the show and I look

forward here and 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. We'll cover Tony's questions and legitimate

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

Hey everyone, welcome back to Money Girl. I'm really glad you're spending time with me today.

If you're new here, welcome. My name is Laura Adams. I'm an award-winning author and finance

expert who's been bringing money tips and advice weekly on this podcast since 2008 with

over 40 million downloads. When I'm not podcasting, I work with select brands doing

on camera and writing work as a spokesperson, consumer advocate, and PR consultant. If

your company is interested in collaborating for a campaign, speaking event, or some

ongoing marketing, reach out. I'd love to talk to you here on the show. You're going

to hear me talk about a wide range of money topics, things like building credit, managing

debt, retirement investing, real estate, cutting taxes, buying insurance, money management

...