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|Subject: Can I set up a ROTH IRA for a 2 year old child?||Date: 9/3/1999 3:23 PM|
|Author: dakota2020||Number: 13640 of 75338|
I am the owner of a small corporation and I have a 2 year old son. I run a camp for kids and I'm planning on using his picture for my brochure and website promotions. I know you can't set up an IRA unless you make a salary. If I pay my son say $500 from the corporation can I use that money to fund a ROTH IRA for him? I'm curious to know if there is a minimum age for someone setting up a Roth. Even a few hundred dollars a year starting will add up to a lot if you are starting as a 2 year old.
Please let me know if this is legal.
Appreciate any info you can give.
Feel free to email me or post to the board.
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