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Kimberly Lankford

The Custodial Roth IRA Trick: How to Turn Your Teen's Summer Paycheck Into a $1M Nest Egg

(Image credit: Getty Images)

Question: My 15-year-old son is doing landscaping this summer for neighbors, and it looks like he’ll earn about $1,500. Is there a minimum age to contribute to a Roth IRA, and must he have a W-2?

If my son can open a Roth, would he be able to contribute up to the $7,500 annual limit?

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