ROTH IRA for my kids

[punjabigyrl]

I know there has been a discussion on this and i can't find it. However, I want my daughter(11) and boy(7) to start a retirment plan from their allowance. Do I have to co-sign with them? TIA

 

[somd_newbie]

PG,

I believe you can only contribute to a Roth IRA for your children if they have taxable income. Opening a simple savings account for now and waiting until they can legally work to open a Roth is a good option.

-Somd_Newbie

I know there has been a discussion on this and i can't find it. However, I want my daughter(11) and boy(7) to start a retirment plan from their allowance. Do I have to co-sign with them? TIA

 

[punjabigyrl]

PG,

I believe you can only contribute to a Roth IRA for your children if they have taxable income. Opening a simple savings account for now and waiting until they can legally work to open a Roth is a good option.

-Somd_Newbie

Thanks, but that was not the question I meant to askserious blonde moment). I was talking to my daughter telling her that I have to be a co-signer with them. the question was amana funds for them. With what I have seen it is good anyone else have them?