My kids are grown with real W2 jobs. I just never knew Roth was on option until 16 when there are associated W2 or 1099-type jobs to start their saving when they were doing odd jobs around the neighborhood or when they got paid in tips when working in non-wage jobs at the country club.I'm not sure what you're asking about an IRA. You certainly should not open one for a child without wages. Just because a brokerage lets you open one doesn't mean it's legal. At the end of the day, you're responsible for complying with the law.I had been getting liquored up on backdoor Roth and backdoor IRA so my mind went into 'saving more' gear. I even heard people opening Roth IRA for their 5-year-old. What would be an acceptable solution for that?
Here is a video of someone opening a Roth IRA for a infant.
https://www.youtube.com/watch?v=jNChHsAdVls
Thanks
Note that brokerages electronically report IRA contributions to the IRS. They will eventually realize there's a problem.
Statistics: Posted by Josh5000 — Sat Mar 16, 2024 7:22 pm — Replies 12 — Views 539