Can a minor contribute to an IRA?
As long as the child has earned income, he or she can contribute to an IRA. It can be opened as a Traditional or Roth IRA, with the same maximum contribution as for an adult or 100% of earned income, whichever is less. To establish an IRA for a minor, the account must be opened and held by an adult, as guardian, in the name of the minor. While the adult is the individual authorized to perform transactions on the account, the minor is considered the registered owner for tax purposes.
