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Reply to "What account to start for teen from first job wages?"
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[quote=Anonymous][quote=Anonymous]Can you open the Roth for them, with the $1,500 from the teen's earned income, and add parental matching? Is the parental contribution allowed if it's not the teen's "earned income"? (This is assuming the teen made $1,500).[/quote] Parent cannot match. Child must earn money, although obviously hard to prove. My 14 year old has a Fidelity youth account and Roth IRA (I am custodian). She has a debit card for youth account. We just opened the Roth and she put 500 in so far.[/quote]
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