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Author: MarkJW Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 124776  
Subject: Re: Teenage Roth IRA Date: 5/12/1998 11:45 AM
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TMF Tax Wrote:
[I am 15 years old and recently started my first job. I should make somewhere between $3,000 and $4,000 a year and have no problem setting aside 2,000 of that a year into a roth. However I have no idea if that is even possible. I'm wondering if you have to be 18 to get a roth. If someone has the answer to this question I would appreciate if you could post an answer. ]]

It certainly IS possible...and would get you a wonderful start on your savings and investing future.

Roth IRA eligibility is based upon income limits and earned income. You would meet both of them, given your circumstances.

Now, you may have to have your parent(s) execute the required documents (check with your local broker), but make no mistake: this will be YOUR account.

Just a question... Is there a limit on the percent of your income that you can put into an IRA? I wouldn't think it's an issue in this specific case... Just curious.

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