Minor Contributions

Can a 12 year old with earned income contribute to a Traditional IRA or a ROTH IRA on an annual basis?



Yes, as long as the earned income is legitimate. Allowances for household chores does not count because that income is not taxable income. If there is legitimate earned income, a minor’s contribution would typically be made to a Roth IRA since the minor may not have enough income to be taxable or would be in the lowest bracket.

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