Roth IRA for a child
I know you must have earned income before you can pay into a roth IRA; must the earned income be on a W-2 ? I am thinking about opening roth IRAs for my grandchildren and trying to think about the type of work a minor can do to generate income that would qualify .
Permalink Submitted by Alan Spross on Wed, 2012-04-25 00:11
It must be earned income, but a W-2 is not a requirement. See attached for details on this subject:
http://fairmark.com/rothira/minors.htm
Permalink Submitted by GARY WHIPPLE on Wed, 2012-04-25 02:57
Thank you.