Thanks for the input on the Schwab account, that looks like a very promising option.
Yeah, it looks like there is a $400 threshold before you need to file taxes. But I don't know if that means that if you have less than $400 income that you should not (i.e. is it optional under $400). I'd think I would need to, if I was contributing it to an IRA.
It does seem that being under that limit keeps you from having to pay self-employment tax at least. But as far as Medicare and and FICA, I don't know. And how can I know for sure? I mean, if I contribute 1 penny more than I should then I could get in trouble. So does that mean I should just wait until I'm ready to file taxes, all the calculations are done and then contribute before the deadline?
And yes, I'm aware of needing more legitimate income to contribute more. That's why I was looking to see if anyone had suggestions. I know that it must be work paid at a reasonable wage that any adult could also earn. My parents pay to have their lawn cut by a professional lawn service. But if my 13-year-old were to take over those duties, could he claim that as earned income and contribute to an IRA? What if it weren't his grandparents and instead was a neighbor? I know he earned some money last winter shoveling driveways. I mean, if I were doing the same thing, the IRS would expect me to report it as income and for me to pay taxes on it. It's earned income and I can contribute it to an IRA. So my 13-year-old should be able to do the same, correct?