The Kids ROTH IRA Handbook:
Securing Tax-Free Wealth From a
Childs First Paycheck or Money
Answers for Employed Children,
Their Parents, the Self-Employed and
Entrepreneurs by Tracy Foote
Excellent Review
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.
Personal Review: The Kids ROTH IRA Handbook: Securing Tax-
Free Wealth From a Childs First Paycheck or Money Answers for
Employed Children, Their Parents, the Self-Employed and
Entrepreneurs by Tracy Foote
I try very hard to teach my 17 year old strong money lessons.. he needs a
job if he wants to have a car, he has to pay the insuarnce on that car.. the
gas, it's mandatory that he save 1/2 of every paycheck he gets for
"emercencys" etc. But i have to admit, i never thought of him starting a
Roth IRA.
We used this book for a little bit of a different reason. This was the first
year my son recieved a "w-2" from his very own job. He was so excited to
learn he would be getting money back! So it came in the mail and of
course "mommy was gonna take care of it". So there it sat.. in my in box
for weeks along with all the other to-do's ~ and then I ran across The Kid's
ROTH IRA handbook by Tracy Foote. I skimmed through and something
caught my eye... on page 93 a chapter started called "Tax Talk - All about
tax forms". It was a step by step explanation of how to fill out a 1040 as
well as information behind the questions on the form. It has illistrations of
what the form and documents look like and shaded areas with extra
information to help them along. There is also a Glossary in the back for
words they may not have learned yet. It is really geared towards a wide
range of tweens/teens, or a fun read for the parent of a smaller child
So, I grabbed the book, his W2, printed off a 1040 from the internet.. and
told him good luck.
Within 30 minutes he had his return ready to go LONG FORM, but even
better than that it sparked conversations that will help him immensely in his
financial future. Before you know it he has refund deposited into his bank
account and he is offically a tax paying citizen!

This book is well worth the money and I implore you to enrich your childs
financial future with this excellent read.
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