Roth IRA

Submitted by Matthew Morea on Mon, 2021-09-13 13:26

Just curious- i have a 21 year old son who will probably have a summer job and make somewhere between 5 and 10k. Can i start a Roth IRA for him? Does he have to have income in order to set one up?
Thanks very much.



Submitted by Alan - IRA critic on Mon, 2021-09-13 13:34

Yes, he needs earned income, although if he earns it you can still subsidize his Roth contribution.

Submitted by Matthew Morea on Mon, 2021-09-13 16:26

So- are we limited on contribution amounts to the amount that he makes? If he only makes $2300 is that the max he can contribute? 

Submitted by Alan - IRA critic on Mon, 2021-09-13 19:58

Yes, 2300 would be the max. The max is the smaller of the amount of earned income or the contribution limit of 6000. 

Add new comment

Log in or register to post comments