Can I Open a Roth IRA for My Children?

Answer Because there is no age requirement for opening an account, a Roth IRA can be opened in a minor's name. The account is funded by gifted contributions until the minor earns taxable income.Source:The... Read More »

Top Q&A For: Can I Open a Roth IRA for My Children

Who can open a Roth IRA?

A Roth IRA can be opened by a person who receives U.S. taxable income. Roth IRA contributions are not subject to the age limit of 70 1/2 years imposed on traditional IRAs. The Internal Revenue Serv... Read More »

How to Open a Roth IRA for Minors?

A Roth Individual Retirement Account (IRA) is a long-term savings account intended for retirement. You won't have to pay taxes on the interest earned on your Roth savings or when you withdraw your ... Read More »

Can you open a roth ira if you are retired?

If you are retired and have no sources of earned income, such as wages, salaries or tips, you cannot open a Roth IRA because you must have earned income equal to or greater than your contribution. ... Read More »

How old do you have to be to open up a Roth IRA?

There is no minimum age requirement to open a Roth IRA. The only issue in most cases is whether the child has taxable income. An unmarried individual must have earned income to be eligible to contr... Read More »