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I took note of some recent articles in the FF strategies area regarding Roth IRA accounts for children. Articles seemed to indicate that my child could open a Roth, so long as he has income, regardless of age. Contribution amount is limited to the lesser of $2000 or actual income. After some quick TVM calculations, I figured that even just a couple hundred dollars, if deposited now, would grow to millions (assuming a reasonable rate of return) by the time my son is 59. Sounds pretty smart. But when I tried to open a Roth account in his name with my OLB, they indicate that applicant must be at least 18 years old. Does anyone know if this is an IRA restriction, or is it just that my OLB doesn't accomodate this situation (or doesn't know that they should)? Has anyone else had success in opening a Roth for a minor? If so, I would be greatful if you could point me in their direction. Thanks, in advance.
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