Can I open a Roth IRA for my niece before she has a job or income?

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  • #112943 Reply
    Danielle

      I had the same question.

      But is there a minimum income needed?? My daughter is 17 in HS brings home about 250-350/week after taxes (depending on hrs worked) I wanted to open a Roth IRA for her. Is this sufficient to do so?

      Are there limits on how much I can put in for her. Or is it the 7k a year?

      #112944 Reply
      Matthew

        She has to have taxable earned income. Does she work part time while at school? I would like to assume she would have a job by summers/years end whether it be her career or a temp thing.

        #112945 Reply
        Dayna

          You could contribute to a 529 in her name that she can eventually transfer into a Roth IRA. That doesn’t have an income restriction.

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