Dr. Dolly: My eight-year-old son recently earned several thousand dollars recording the voice for a cartoon character. Jana: I'm in a predicament as his twin brother has no earned income and it doesn't seem equitable to start a Roth IRA for one and not the other since it could compound substantially over the last year. First Republic: A UTMA account is very, very tax efficient because on the first $1,100 so a year out of that account, they pay 0% on that anyway.