Client Resource Center

Practical answers for your questions

42 N 2nd St • Council Bluffs, IA 51503
Phone: (712) 322-8734

IRA: Can my child set up an IRA?

Question: Can my child set up an IRA?

Answer: If your child has wages or self-employment income, he or she can contribute to an IRA. However, in 2019 the contribution cannot exceed the child's earned income or $6,000, whichever is lower.

Your child can choose between making a deductible IRA contribution and a nondeductible Roth IRA contribution. In most cases, a Roth IRA will have the greatest long-term benefit for your child.