Can I Open a Custodial Roth IRA for a Child?

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The IRS only has one stipulation for an individual to contribute to an IRA: you need to have earned income. That doesn’t mean money received as financial gifts for babies and kids, nor from money you earn from chores, mind you.

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These types of accounts go by the name “custodial account” or guardian accounts because the custodian makes decisions on behalf of the beneficiary. In this case, a minor child.

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→ There’s no age limit. If your baby lands a modeling gig and earns income, that money can go into a Roth IRA for kids. The hurdle to opening this type of account isn’t about age, rather, it’s income.

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Can I Open a Custodial Roth IRA for a Child?

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Roth IRAs for kids provide an ideal investment account for their situation, because children have decades for their contributions to realize tax free growth.

The IRS only has one stipulation for an individual to contribute to an IRA: you need to have earned income. That doesn’t mean money received as financial gifts for babies and kids, nor from money you earn from chores, mind you.

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What is an IRA?

These types of accounts go by the name “custodial account” or guardian accounts because the custodian makes decisions on behalf of the beneficiary. In this case, a minor child.

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What is a Custodial Account?

→ There’s no age limit. If your baby lands a modeling gig and earns income, that money can go into a Roth IRA for kids. The hurdle to opening this type of account isn’t about age, rather, it’s income.

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What is a Custodial Roth IRA and What are the Rules?

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What is a Custodial Roth IRA and What are the Rules?

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What is a Custodial Roth IRA and What are the Rules?

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