Hi Guys,
Avid listener here… I have a rental in an LLC and want to get my kids (6&8) involved as a way to fund their Roths. I am not looking to max out their contributions yet but would like to start setting some money aside for them. If I want to pay them more than $600, do I need to issue a 1099 to them?
Appreciate all you guys do.
Wrong River, LLC. I’m sorry. Very wrong and I can prove it with IRS Code. LOVE you commenting, but be careful.
We covered this on today’s Open Forum Show today! The show will be released/uploaded to iTunes tomorrow on November 11th. Thanks so much for listening and participating!! Mark and Mat
This is good to know but bites for me, especially since this was directed by our CPA. My wife and I would complain about the fee for the 1099, then having to file a return for the girls and then sending in 70 bucks for taxes. All to put $500 in a Roth. Thank you for your continued education!
Ughh… I’m SO SORRY. It’s terrible. I guess you can stop the insanity moving forward. Thanks for participating and commenting. mjk