Turn chores
into contributions
for your child’s
Roth IRA
Save early with a Roth IRA to give your child decades of tax-free compound growth, turning pennies into fortunes.
Start today
Built by
Stanford, Yale Law School, and Teach For America alumni, committed to empowering
every child’s financial future
Don’t underestimate the power of
a custodial Roth IRA
Tax-free Growth:
Yes! None of those gains are taxed
Contributions Withdrawals:
Yes! Anytime, penalty-free
Compound Interest:
Yes! Start early and watch your funds grow significantly! (Try it for your child below)
Flexible Fund Use:
Yes! For a first home, higher education, or any other qualifying life expense.
See what the media are saying:
The most common barrier
to open a custodial Roth IRA:
Most kids don’t have earned income, which is required to open a custodial Roth IRA. Therefore, many families don’t even consider it.
Wealthy, financially savvy parents hire their children to generate income and maximize tax-free growth through custodial Roth IRAs — a strategy we believe should be accessible to all.
BUT your child needs 'earned income' to open a custodial Roth IRA
Halfmore helps parents open custodial Roth IRAs by turning chores into income, growing tax-free retirement funds that could reach millions.
- Legal service:
We set up legal arrangements for parents to legally hire their children for household tasks, similar to hiring a nanny.
- Payroll service:
We automate services, ranging from managing chores to payroll for parents.
- Documentation service:
We provide IRS-ready work history documents, making it hassle-free for parents.
- Tax filing service:
We handle all services related to federal and state taxes, from earning to filing.
We enable all families to open Roth IRAs
for their children
Our Solution
Now,
Halfmore makes the process simple, fast, and fun for you and your child.
Step 1
Hire your child for household tasks.
We establish a legal structure that allows parents to hire their children.
* The legal structure includes employment agreements, wage determinations, employment tax forms, and other relevant documentation necessary to comply with applicable labor laws and regulations.
Step 2
Convert those chores into earned income.
We enable your child to earn income through chores, making them eligible to open a Roth IRA
* Earned income is a prerequisite for opening custodial Roth IRAs, although there is no age limit.
Step 3
Start a custodial Roth IRA for your child.
We seamlessly transfer earnings to a custodial Roth IRA, helping your child build wealth tax-free.
* Contributions to a custodial Roth IRA are limited to the lesser of the child’s earned income or $7,000 annually.
Step 4
File taxes - federal and state.
We handle both federal and state tax filings, offering services from legal setup to tax compliance.
* Your child must be a U.S. citizen or resident to use Halfmore’s service.
In summary, parents
only assign chores
- Halfmore does the rest.
Legal arrangement setup
Chores management
Payroll processing
Work history documentation
Tax filing
Start young,
achieve more.
You can secure your child’s future by saving small amounts of money and letting them compound tax-free. Over time, your child can be worth millions of dollars, guaranteeing a lifetime free of financial hardships.
Halfmore makes this process convenient and fun for both parents and kids.
halfmore
Where your child’s financial journey begins.
contact: support@halfmore.co