Hi,

Can my daughter, SimpleSquidge, open a Roth IRA with
money received as a gift? She currently has no other
income (being two and a bit).

Always learning,

SquidgePa

Hi All,

Well, I answered my own question: No Income, No Roth.

Thanks,

SquidgePa

[[ Hi,]]

Hi Squidge...

[[ Can my daughter, SimpleSquidge, open a Roth IRA with
money received as a gift? She currently has no other
income (being two and a bit).]]

Sorry, Squidge...but as you noted in your next post, no income, no IRA. But remember that the income must be EARNED income. Not just income. Make sure that you understand the distinction between the two. If you don't, let me know and I'll walk you through it in a bit more detail.

You can also read more about Roth IRA issues in the Taxes FAQ area. I have a 5 part series there that discusses many of the Roth IRA issues. You might want to check it out.

TMF Taxes
Roy

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