Message Font: Serif | Sans-Serif
No. of Recommendations: 0
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.

Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.