My son is 15 years old and has $1500 earned income to invest. To start a self-directed Roth IRA for himself I have three concerns. Will the monies invested count against him for any financial aide at college time? After 5 years I understand that the money can be used for the purchase of a new home penalty free. Are there any tax ramifications? Can monies from a Roth be used for education after 5 years without penalties?Thanks for your help.
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