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The IRS has not established a minimum age requirement to open a Roth IRA, but the minor does need to have earned income. This income can come from a part-time job or work in a family business.
Your child's income must be below a certain threshold to contribute to a Roth IRA. You can contribute up to 100% of your child's earned income to the Roth IRA, with a maximum limit of $7,000 for 2024.
The maximum amount you can contribute to a child's custodial Roth IRA in 2024 is $7,000. If your child's income is less than that, their contribution will be capped at their earned income.
Calculate your contribution limit: Although the maximum contribution limit is $7,000 for 2024, you can't contribute more than your child's earned income for the year. So if your child only earned ...
Since you open a custodial Roth IRA on behalf of your child, you can manage the account until they can legally do so, typically at the ages of 18 or 21 in most states.
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