My son does odd jobs in the neighborhood, and occasionally works in my mother-in-laws office filing and cleaning. In both instances, he is paid cash.
Can I open a ROTH in his name and deposit funds up to the amount he earns?
Do we need to file a tax return and if so, is he an independent contractor? Will we need to use schedule C?
Note that we live in Texas, and his annual earnings will likely be less than $2,000.
Thanks for the advice!