The Kid's ROTH IRA Handbook: Securing Tax-Free Wealth From a Child's First Paycheck or Money Answers for Employed Children, Their Parents, the Self-Employed and Entrepreneurs [Paperback]

Tracy Foote (Author)

Book Description

Publication Date: January 1, 2008

This book is to be used as a starting point for children and parents. The focus is on the unmarried dependent child (with no dependents of their own) who has a yearly income that ranges from $1.00 to the amount of the single standard deduction allowed by the IRS for the current tax year ($5,350 in 2007). This book can also provide limited guidance for children with incomes outside of this range, introducing them to basic topics.

Major Topics include:
1) Money Management: Appreciate the benefits of a Roth IRA
2) Career Skills: Identify different types of child employment
3) New Ideas: Discover different ways parents can employ their children
4) Special Details: Learn how parents can issue Forms W-2 for their child
5) Introduction to Taxes: Basic tax concepts for children with low earned income
6) Powerful Knowledge: Understand rules for children to contribute to a Roth IRA.

Editorial Reviews

From the Author

What if Every Child had a ROTH IRA?

December 3, 2007

Recently I heard someone say they will not leave the world a better place (as is so often mentioned in the media today) but instead they will leave better children for the world. 

Imagine if every child had a Roth IRA...

 

I hope this book instills the sense of urgency that once children have a job, the next immediate step is to begin a Roth IRA. I encourage readers to use this book as a learning tool to learn the many ways children can be employed today and as a quick reference guide to publications needed from the IRS to assist in tax completion and law clarification

 

This book covers some very basic ideas but quickly moves into complex issues, including some basic taxes. We should not presume children will not look at a tax publication but instead be optimistic and provide them with the opportunity and incentive to do so. Children learn quickly, enjoy challenges and think computers are fun. With the pace in which the appeal of the internet is growing each day, it is reasonable to direct kids to use internet links and online calculators to project their finances. As parents, we should assist them, guide them, teach them, and set a good example through our own financial behavior. I recommend using this book as an interactive guide between parents and children.

--authorcentral.amazon.com/gp/books/book-detail-page?ie=UTF8&bookASIN=0970822693

About the Author

Tracy Foote has an accounting and finance background in the US Air Force. Today she is both an author and a self-employed parent. She specializes in helping children qualify for earned income to invest in a Roth IRA. She wrote this book to consolidate and share information to assist other employed children and their parents.

Product Details

• Paperback: 196 pages
• Publisher: TracyTrends; 1st edition (January 1, 2008)
• Language: English
• ISBN-10: 0970822693
• ISBN-13: 978-0970822697
• Product Dimensions: 8.9 x 5.9 x 0.6 inches
• Shipping Weight: 8.8 ounces (View shipping rates and policies)
• Average Customer Review: 5.0 out of 5 stars  See all reviews (7 customer reviews)
• Amazon Best Sellers Rank: #540,272 in Books (See Top 100 in Books)

More About the Author

Tracy Foote, the mother of three children, creates and writes informational books to inspire discussions. She graduated from the NY Bronx High School of Science, attended the United States Air Force Academy and served overseas in Germany in Accounting and Finance before becoming an author and photographer.

She consults with leading advisors on investing, life insurance, and student eligibility for federal aid as well as pursuing her passion for Latin America travel. Her writing ranges from encouraging kid entrepreneurs in her book, The Kid's Roth IRA Handbook, to strategies to pay for college found in her other book, How You Can Maximize Student Aid. A sound financial literacy allows families to follow their dreams and travel the world. Two of Tracy Foote's popular blogs are found at http://www.KidsandMoneyToday.com and http://www.LatinAmericaFocus.com

Customer Reviews

Most Helpful Customer Reviews

6 of 6 people found the following review helpful:

5.0 out of 5 stars Excellent book for people with working children, January 22, 2008

By 

Malia Russell (Louisville, KY United States) - See all my reviews
(REAL NAME)   

This review is from: The Kid's ROTH IRA Handbook: Securing Tax-Free Wealth From a Child's First Paycheck or Money Answers for Employed Children, Their Parents, the Self-Employed and Entrepreneurs (Paperback)

I had the pleasure of reviewing this book and I think it is a great resource.

This book was chock FULL of information to help parents and their children understand the ROTH IRA and how it can help your child secure tax-free wealth from their very first paycheck. I wish I had this book three years ago when my daughter first entered the world of working. She finally opened her ROTH IRA last fall. This book is user friendly. It has the technical jargon you may need, but has it presented in a very simple way. I think your teen could pick this book up and read it. If given to a homeschool teen, this would count toward a consumer math credit. It is quite thorough. As a former tax consultant I am financially savvy. This book is a winner! I HIGHLY recommend it.
Malia Russell
[...]

3 of 3 people found the following review helpful:

5.0 out of 5 stars A Must Read for ALL PARENTS!!, March 7, 2008

By 

Jodie Atkinson "beautifulawake" (Indiana) - See all my reviews

This review is from: The Kid's ROTH IRA Handbook: Securing Tax-Free Wealth From a Child's First Paycheck or Money Answers for Employed Children, Their Parents, the Self-Employed and Entrepreneurs (Paperback)

Teaching children about saving money is critical for their success as adults. This book provides a step-by-step guide on how to teach your children about investing and specifically Roth IRAs. As an adult who had little knowledge on this subject, I found the book easy to understand without it being condescending. My children have both read this book (16 and 10) and were able to understand it completely. Even though they were resistant at first, both of my girls are now eagerly working on saving enough money to start their own Roth IRAs. This is a well thought out book and should be required reading for all parents and children.

3 of 3 people found the following review helpful:

5.0 out of 5 stars Excellent Review, January 31, 2008

By 

Art Patino "Certified College Planning Specia... (San Antonio, Tx) - See all my reviews
(REAL NAME)   

This review is from: The Kid's ROTH IRA Handbook: Securing Tax-Free Wealth From a Child's First Paycheck or Money Answers for Employed Children, Their Parents, the Self-Employed and Entrepreneurs (Paperback)

After reading "The Kid's ROTH IRA Handbook", I came away with a good feeling that kid's and parents can have hope for the future. Once we get the current generation of kids to understand saving instead of consumption, the problem is solved. This book explains a difficult concept in easy terms "Great job,Tracy"
Art Patino ,CCPS.