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Can a minor (youth-type person) open a Roth? Under 18 years old with W-2 income.

John
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Can a minor (youth-type person) open a Roth? Under 18 years old with W-2 income.

Sure - there are no age restrictions, you just need earned income to contribute to a Roth.

--Peter
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<< Can a minor (youth-type person) open a Roth? Under 18 years old with W-2 income. >>

From a tax law perspective, yes. There is no minimum age, as long as you have earned income.

I don't know whether your minority presents a problem from the general law side (the inability of minors to contract, etc.). I'd suggest you look at the application form from your prospective custodian. If your age presents a problem, it should be apparent in the information they give you as part of the application.

Phil Marti
Tax Preparer
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