Roth IRA violation

m
meowi
楼主 (文学城)

My son put in $7000 in 2019.  He has no income that year.  But he has income since 2015.  Just that year skipped.  He did not file tax return.  I just find out that he had automatically also put $7000 to Roth IRA.  What can he do?  Can I said I hired him and gave him $9000 in 2019?  Otherwise, there will be a lot of penalties, right?

thank you so much for your input 

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-隔三岔五来逛逛-
填表$7000 withdraw 就行吧?
h
hhtt
破唱片对国内来的老留再放一遍?在美国,不用怕警察!但是,对国税局要有敬畏之心,不可胡来!
越王剑
6% penalty as long as money in the Roth account

Call the broker, they will tell you what form to use to withdraw.

南京姑娘
父母可以给孩子一年一万的。可以说是父母给的。
成功的兔
父母给的,不是earned income,不能用于买roth
h
hhtt
不知你这可以给孩子1万的数字是从哪里看到的?2024年免税现金礼物上限是1万8,夫妇俩就是3万6.
h
hhtt
楼主这情况,千万不要自己想当然?打个电话去券商客服,让他们帮助解决。
m
meowi
You are right. But fidelity said they don’t know how to do.