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I am considering investing in a mutual fund as a UGMA for my infant child. Once he starts earning income, probably at about age 15, will i be able to convert the UGMA into a Roth IRA?

Thank you
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<< I am considering investing in a mutual fund as a UGMA for my infant child. Once he starts earning income, probably at about age 15, will i be able to convert the UGMA into a Roth IRA? >>

No. IRA contributions require earned income, and are limited to $2,000 per year or the amount of earned income, whichever is less.

TMF ExRO
Phil Marti
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