Here is an idea to help a child or grandchild working this summer. You can contribute to a Roth IRA for him or her… up to $6,000 for 2020, but not more than the child is earning. If you decide to go down this path, you have until April 15, 2021, to make the contribution and if your child or grandchild worked last year, you have until July 15, 2020 to contribute for 2019. These payins count toward your annual $15,000 gift tax exclusion ($30,000 if married).