Provides a platform for parents to set up and manage custodial Roth IRAs for their children, enabling tax-free growth and withdrawals without penalties. Mora streamlines compliance by handling payroll, tax filings, and documentation, reducing the time and cost associated with DIY setups while maximizing long-term savings potential.
Funding
$15M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
PAFounders
Product
Problem
Setting up and managing custodial Roth IRAs for children involves navigating complex IRS regulations, payroll processing, and tax filings, creating a significant administrative burden for parents. The DIY approach can be time-consuming and costly, requiring specialized knowledge and potentially leading to compliance errors.
Solution
Mora provides a platform that simplifies the process of establishing and managing custodial Roth IRAs for children, enabling tax-free growth and withdrawals. The platform automates compliance tasks, including payroll processing, tax filings, and documentation, reducing the time and cost associated with DIY setups. Mora streamlines the earned income requirement by providing examples and guidance, ensuring adherence to IRS standards. By automating these processes, Mora allows parents to maximize their children's long-term savings potential while minimizing administrative overhead.
Target Audience
Mora targets parents who want to establish custodial Roth IRAs for their children to maximize long-term, tax-advantaged savings and simplify the associated administrative and compliance tasks.
Features
- Automated payroll processing for children's earned income, including W2, W4, and paystub generation
- Built-in compliance checklist to ensure adherence to IRS regulations for custodial Roth IRAs
- Automated tax filings and documentation management, including employment contracts and timesheets
- Integration with Fidelity for secure account management and SIPC insurance
- Expert group calls with licensed CPAs and tax attorneys for personalized guidance
- Audit defense support, covering up to $100,000 in legal fees in the event of an IRS audit
- Investment calculator to project potential Roth IRA growth based on contribution amounts and time horizon