wolfpup
Well-known member
- Joined
- Jul 14, 2015
- Messages
- 495
Since you mentioned he is being paid as a 1099 contractor. Keep in mind that the amount your able to contribute is the taxable amount. So if your going to deduct farm expenses and such against this income on his personal tax return, then you can only contribute the netted amount up to $7,000.
Roth needs to be held 5 years, and can be withdrawn for a few special items such as first time homebuyer so earnings can accumulate until then.
Roth needs to be held 5 years, and can be withdrawn for a few special items such as first time homebuyer so earnings can accumulate until then.