I would like to set up a Roth for an infant. A friend is willing to pay her to model in his buisness advertising. What does the infant need to set up a ROTH ? (W-2)? Have any of you found a legal way of establishing the needed earned income requirement for an infant ROTH. thank you in advance BSAFE.
I'm not a tax adviser first off.
Generally, investment accounts can not be opened by persons under the age of majority.
You dont list the infant as a dependent? The infant files their own taxes?
While no age LIMIT exists for Roth applicants, I did not see an age minimum.
IMO, I don't believe you can open a Roth for your infant, even if infant has income and files individual tax.