A contribution to a Roth IRA for children can be made if a minor has earned income during the year. Eligible income may include formal employment income or self-employment income. Activities such as taking care of children or mowing the lawn may qualify for a minor to receive contributions to the Roth IRA. Help a child invest for the future.
This account can be opened and managed by any adult parent, grandparent, aunt, uncle or family friend on behalf of a minor with an income. Only beneficiaries who inherit a Roth IRA from their spouse can make additional contributions to the account and only if they choose to treat it as their own IRA. Once you've given the money to your child, they can only put it in their IRA if they're eligible to make an IRA contribution.