Greetings, Dakota, and welcome. You asked:<<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.>>Yes, paying your son a going rate as a model would qualify as earned income for the purposes of an IRA contribution. I assume the company would issue him a Form 1099, and that would supply necessary documentation for IRS purposes. Thus, if he earns $500, that $500 can be used to open a Roth IRA for him. If he can earn up to $2K, then he will be able to fund the IRA fully. Otherwise, his contribution will be limited to the actual earnings.Your trick will be to find a provider who will accept the account. For many reasons, most don't. Basically, that has to do with the contractual nature of the IRA agreement and the fact minors cannot enter into an enforceable contract. However, I understand that Vanguard does, so that might provide a starting point for you.Regards..Pixy
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