Can I Open a Roth Ira for My Adult Child?
Fidelity Roth IRA for Kids Help a child invest for the future. This account can be opened and managed by any adult—parent, grandparent, aunt, uncle, family friend—on behalf of a minor earning income. Open a Roth IRA for Kids
Can a parent contribute to a teen Roth IRA?
Parents can contribute the money to a teen’s Roth IRA as long as the teen earned at least that much. The Internal Revenue Service (IRS) does not care who makes the contribution. The teen just needs enough earned income to equal (or exceed) the contribution. An adult has to open a custodial Roth IRA account for a minor.
What’s the maximum amount a child can contribute to a Roth IRA?
Maximum contributions. IRA contributions cannot exceed a minor’s earnings, e.g., if a minor earns $1,000, then only $1,000 can be contributed to the account. There’s an annual maximum contribution of $5,500 per child.
