Retirement
The most frequently asked tax questions related to Retirement
Can I open a Roth IRA for my minor child ?
Asked Sunday, August 27, 2000 by an anonymous userCPA Answer:
Yes, but only if your son or daughter has "earned income" (not investment income) which is reported on their tax return. The contribution is limited to the lesser of $5,500 or net earned income after deducting expenses related to the production of those earnings. A fast food employee, paper route, or other part-time jobs are examples of earned income sources.
