Information About Custodial Roth IRAs

There are many teenagers that hold jobs before they turn 18 and the money that they may want to invest some of the money that they earn into a Roth IRA. One of the problems that they might face are financial institutions that typically do not permit minor children to open up Roth IRA accounts by themselves. This article discusses how parents can be able to open up a custodial Roth IRA account for the benefit of their children. To meet the qualifications for a custodial Roth IRA the child must meet the same requirements that they would have to meet if they were an adult. There are also additional restrictions placed on custodial Roth IRA accounts like the requirement that it must be managed for the benefit of the minor child. It is also important to not overlook the Social Security bonus.

See Rules for a Custodial Roth IRA, My San Antonio, February 14, 2016.