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Ask Kim: Can my son open a Roth IRA?

Q: My teenage son is working as an umpire for youth baseball games and is earning money for the first time. Can he contribute to a Roth IRA even though he's only 15 years old? Which companies offer good Roth IRAs for kids?

A: There's no minimum age requirement to open a Roth IRA, so your son can open one as long as he has earned income from a job (investment income doesn't count). He can contribute up to the amount he earned from working this year, with a maximum of $5,500 for 2016. You're allowed to give him the money to make the contribution.

Not all IRA administrators offer Roth IRAs for minors, but many do. Look for a firm with low investment minimums and low or no...

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