SETTING UP A ROTH IRA FOR A GRANDCHILD
CAN I SET UP A ROTH IRA FOR AN UNDERAGED GRANDCHILD AND CONTRIBUTE TO IT EACH YEAR WITHOUT THEM HAVING ANY EARNED INCOME? MY BASIS FOR THIS IS TO AVOID PROBATE OF MY ESTATE, HAVE NO TAXES OR CAPITAL GAINS ON THEIR PART AND CANNOT BE TOUCHED BY THEM UNTIL THEIR AGE 59 1/2
Permalink Submitted by mk foss on Sun, 2014-09-14 22:37
The grandchild needs earned income in order for a Roth contribution.
Permalink Submitted by David Castelli on Mon, 2014-09-15 16:24
5 year lump sum into 529 plan of grand child.