Quantcast

Ask The Expert: Eligibility

Q:
Asked by Amy 2/15/13

I had been considering putting some money away for our young daughter, but she obviously doesn’t work. Can I open a Roth IRA for her?

Matthew Malone A:
Answered by Matthew Malone 2/19/13
See other answers from this expert.
267 out of 267 people found this useful.

Unfortunately not. You must have “earned income” (typically wages for a job) to contribute to a Roth. You could investigate options like a 529 plan (tax-deferred savings plans for education expenses) until it’s time for her to get to work!

WAS THIS ANSWER USEFUL?

Leave a Reply