Article Date:
March 2022

Word Count:



IRAs for Kids

Working at a tender age is an American tradition.


What isn’t so traditional is the notion of kids contributing to their own IRA, especially a Roth IRA.


But it should be a tradition, because it’s a really good idea.


Here’s what you need to know about IRAs for kids. Let’s start with the Roth IRA option.


Roth IRA Contribution Basics


The only federal-income-tax-law requirement for a child to make an annual Roth IRA contribution is to have enough earned income during the year to cover the contribution. Age is completely irrelevant.


So if a child earns some cash from a summer job or part-time work after school, he or she is entitled to make a Roth contribution for that year.


For both the 2021 and 2022 tax years, your working child can contribute ... Log in to view full article.

Log in to view full article

Already a subscriber?

Email Address


Log In Send me my password

You'll be able to read the full article and get instant access to the last few issues of the Tax Reduction Letter

Not yet a subscriber?
with a money-back guarantee