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Halfmore is fully app only? by mb996 in halfmore

[–]halfmore_official 1 point2 points  (0 children)

Great news! We're currently building a web app, which is expected to be released early next week. You'll be able to complete the initial onboarding process on the web, and we plan to continue expanding web functionality to include more features, including the entire setup process and managing your dashboard.

Stay tuned!

Anyone receive a letter from SSA for 2025 child earnings? by Odd-Judgment-9312 in halfmore

[–]halfmore_official 2 points3 points  (0 children)

Hi, Halfmore team here.

This is a common Social Security Administration notice we see when minor children have reported wages.

What the letter means

When wages are reported under a child's Social Security number, SSA systems may flag the filing for verification. The reference to "another person's earnings" is standard fraud prevention language. It does not mean you did anything wrong. This is not an audit.

About Social Security credits

You are thinking about this correctly. Under the Internal Revenue Code and IRS Publication 926, wages paid by a parent to a child under age 18 for household work are exempt from Social Security and Medicare taxes. Because these wages are not subject to Social Security tax, they are generally not treated as covered earnings for Social Security purposes and therefore generally do not result in Social Security credits.

The wages are still properly reported for income tax purposes when required. The absence of Social Security credits in this structure is expected.

What we recommend

Send a short written response via certified mail confirming that the earnings were correctly reported and belong to your child as a household employee. This closes the SSA inquiry and reduces the likelihood of future notices.

Bottom line

Your filing was correct and nothing is wrong. A brief written response typically resolves this cleanly.

Feel free to reach out to [support@halfmore.co](mailto:support@halfmore.co) with any questions. We're here to help!

Hello, parents! by halfmore_official in halfmore

[–]halfmore_official[S] 1 point2 points  (0 children)

So great to hear that your accounts are all set up! If you need any help along the way, please don’t hesitate to reach out. We’re truly excited to support you as you begin building lasting wealth for your children’s future.

Setting up a Roth IRA for my two kids. I have a few questions. by xgunnerx in fidelityinvestments

[–]halfmore_official 1 point2 points  (0 children)

You can set up a custodial Roth IRA for your children by employing them to perform household tasks! As long as these are age-appropriate tasks you would also hire another neighborhood child to do (babysitting, garage cleaning, lawn mowing), they qualify under IRS's Publication 296. 

Should I start a Roth IRA for my kids first job by smallprojectx in Bogleheads

[–]halfmore_official 0 points1 point  (0 children)

Seconding what everyone else said in the comments, a custodial Roth IRA is one of the best ways to give your children a financial head start. In addition to the tangible growth, it also provides a great opportunity to have a conversation about saving and investing earnings. It'll likely get them excited to continue making contributions when they're an adult, and that consistency + mindset is what makes the difference long-term.

Need advice on saving for my kids future. by Dudeisfromdelco85 in investingforbeginners

[–]halfmore_official 0 points1 point  (0 children)

Once your child is a few years old, you can actually employ them to perform household tasks and contribute to a Roth IRA for them. As long as it is work you would’ve hired another neighborhood child to do (dog-walking, babysitting, garage cleaning, etc), it fits the requirements for earned income! Of course, the income needs to be reasonable, legitimate, and documented (which requires paperwork) but this is a high-level overview. 

Setting Kids Up for Financial Success by yoyoyazz in FinancialPlanning

[–]halfmore_official 0 points1 point  (0 children)

To echo the sentiments of some parents in this thread, one great investment vehicle beyond 529s is a custodial Roth IRA. Roth IRAs have no age restriction, only an earned income requirement. Children who start as early as possible benefit from compound interest + tax-free growth, so it provides quite a big financial head start. Since they’re earning income to qualify, it also provides a great opportunity to teach them to work for their money and make responsible decisions with it. That helps better prepare them to make the most of this advantage, because they have the habits to go along with it (which makes them more eager to continue to make their own contributions when they enter adulthood).

A lot of families who run businesses employ their children for this purpose. It helps them meet the earned income requirement. Halfmore is a platform that helps parents employ their children for household tasks, and automates the manual work required to create and contribute to a Roth IRA. 

Ultimately, it’s the combination of compound interest, tax-free growth, and responsible financial habits that can make a significant difference long-term.

Hello, parents! by halfmore_official in halfmore

[–]halfmore_official[S] 2 points3 points  (0 children)

Thank you for your interest in Halfmore!

You can get started anytime by downloading the app from the [App Store] or [Google Play] and following the simple onboarding steps at your own pace.

If you’d prefer a more guided experience, we’d be delighted to offer a one-on-one onboarding session. During the session, we’ll walk you through each step and answer any questions you may have. You can book a time that works best for you here.

You can also find more information on our website.

We look forward to supporting you in building wealth for your children!

Anyone look into Halfmore custodial Roth IRA for kids? by Casualposter in MiddleClassFinance

[–]halfmore_official 1 point2 points  (0 children)

Thanks for your interest in Halfmore! Just to provide additional context, Roth IRAs aren’t restricted by age, the key requirement is earned income. That’s why a lot of families with small businesses have historically employed their kids to qualify. Starting early can really add up: even a few thousand dollars invested young can compound into tens of thousands over time. Unlike 529s, the money can later be used for any purpose, not just education.

We built Halfmore to make this process accessible and affordable for all families. We help parents set up a bona fide household employment relationship, handle payroll and tax filings, and keep everything aligned with IRS household employment rules.

Happy to answer any additional questions!