Personal Finance & Money Stack Exchange
Personal Finance & Money Stack Exchange

Questions tagged [children]

93 questions
86
votes
5 answers

I have sole custody of my child but the child's father's brother claimed him as a tax deduction

I have court papers showing that I have full and sole custody of my son and that he was with me like 99% of the year. I let my son's father have him a few weekends last year but only a handful. My son's father told his brother that he should claim…
neubert
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66
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17 answers

How to share income after marriage and kids?

My girlfriend and I are thinking about marriage and having children and I have spent the last days trying to figure out concepts how to handle finances from that point forward. I believe that this is relevant to most people in such a situation not…
Chris
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50
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2 answers

Can I hire my kid and start a Roth IRA for him?

I own an LLC, of which I am currently the sole member. It's my main source of income. I am wondering if there is a reason why I could not do the following: Hire my child as a part-time employee of the LLC, for an annual salary of $5500. Start a…
painter48179
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48
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3 answers

If a kid makes money, do the parents take on the tax liability?

Suppose your kid (8 years old) decided to set up a neighborhood lemonade stand and by some freak occurrence managed to somehow make about $3,000. How does one manage the tax liability on that income? Is it counted toward the parents' income?
Kai Qing
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47
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2 answers

Best way to make sure my son has an income after I have died

I have a son with special needs, he is autistic and has learning difficulties. It is unlikely he will ever have a 'normal' life or be able to financially support himself. I am extremely worried of what will happen to him when me and his mother are…
user1450877
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45
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5 answers

How to teach personal accounting to an 8-year-old

I try to teach my 8 year old daughter the basics of finance. She has some her own money (partly in a wallet, partly in a piggy-bank). Some time ago, she threw a short tantrum about "someone stealing her money". My wife's and my assumption is that…
mbork
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40
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1 answer

Where can I put savings for my kid that I literally cannot withdraw from?

I currently have a second savings account where I'm saving money for my child's future - most likely it will be used for their college and/or wedding. I've heard horror stories of parents stealing their children's savings to feed an addiction. I…
Marsh
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33
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6 answers

Strategies for putting away money for a child's future (college, etc.)?

So my wife and I will be having our first child at the end of the year, and I'm trying to devise a strategy for things like putting money away for the little person now, while I have the time and sleep in me to think about such things. What are some…
duffbeer703
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25
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8 answers

Why do people take out life insurance on their children? Should I take out a policy on my child?

I've always found those flyers that the schools send home in September contemptible. But maybe I'm the one in the dark...? If the purpose of life insurance is to replace a wage-earner's income in case of death, why would anyone purchase a policy…
Nat_Rea
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23
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9 answers

What are the best strategies to give pocket money or an allowance to children?

What are the best strategies to give pocket money or allowance to a child especially if you would like to teach them something through this, e.g. saving?
gyurisc
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20
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1 answer

Do I actually have to pay my daughter minimum wage for helping around the house?

I blogged about my discussion to this question. When I mentioned that I paid my almost-six-year-old daughter $2 for a job that took an hour I had a commenter say that I paid her "below minimum." (The commenter smells like a troll but it still has…
mbhunter
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16
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9 answers

Switch from DINK to SIWK: How do people afford kids?

Currently my wife and I both work, and we have no kids. We have no debts (besides our mortgage), live very frugally (friends call us cheap), and are roughly breaking even. We would like to have kids, but I don't know how we could afford it. If we…
Ray
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15
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2 answers

Can I deduct child's charitable deduction from my taxes?

My five year old daughter negotiated $20 in back allowance (we hadn't paid her allowance in a while, and she's a better negotiator than me) and then donated that money at her school to a charity for sick children. Assuming the charity is qualified,…
stannius
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15
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2 answers

Does having several kids really mean I don't pay any federal taxes?

My wife and I are foster parents, and long story short we are planning to adopt three kids this year. In anticipation of this I went ahead and considered the kids as dependents for 2021 and updated my W4 at work. We already have one biological…
Nosjack
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14
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2 answers

Do my kids need to file a tax return?

My kids (minors) each received a gift of some stock from my wife's parents last year. The stock is in the kids' names, with my wife listed as the custodian. They each made just slightly over $100 in dividends last year, and have no other income. …
Ben Miller
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