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I don't disagree with Pixy's thoughts for normal people, but I ain't just no NORMAL Fool---

I am planning to open an IRA for my minor child who got her first real job in 1997. There are a few reasons why I will try to set up a commingled Roth IRA for her:

1) I want a Roth at her tender age, so everything compounds for 50 years

2) Her tax liability is real low, so a conventional IRA doesn't save many tax dollars

3) I can only open a traditional IRA with 1997 dollars

4) I will have to add 1998 dollars when opening the account to get to $2,000--which is the minimum which most of the no-annual-fee brokers will take to open an account

5) Then, after opening the traditional IRA with 1997 and 1998 after-tax dollars, I will ask to have it converted to a Roth.

6) I will then start contributing to this account for her.

Am I all wet?

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