Roth IRAs for Children

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According to IRS rules, there is no minimum age to open a Roth IRA as long as certain rules are met.

Questions:

  1. What is probably the most important rule for children to meet?
  2. What are some other Roth IRA rules?
  3. Does money for a Roth have to come directly from your child’s pocket?
  4. What if the money is from self-employment?

Source:

Carrns, A. (2022) You’re Never Too Young for a Roth I.R.A. The New York Times, June 10 (Retrievable at https://www.nytimes.com/2022/06/10/business/kids-roth-ira-retirement.html)