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Roth IRAs

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  4. Can I open a Roth IRA for my minor child ?

Can I open a Roth IRA for my minor child ?

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.

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