Where can I open a Roth IRA?

[Guest BOOKEM DANO]

I know some of the basics behind Roth IRA's but I have a question that may seem a bit stupid. Where can a Roth IRA be opened?

I have a traditional IRA of my own that I was thinking about converting to a Roth for my new daughter of 5 months.

[Guest John R Grossmann]

Where: three common options are banks, mutual funds or fund families, and brokerages. Lots of choices, and a wide range of options even within each catagory. Banks generally offer the more conservative options. Mutual funds vary in risk/reward, but give you "professional" mgmt and a diversified portfolio. Brokerages range from do-it-yourself low cost internet to full service. Same institutions that offer IRAs offer ROTH IRAs.

Converting a regular IRA to a Roth for your 5 month daughter? Your question is unclear. All types of IRAs are INDIVIDUAL accounts... that's what the I represents. Are you thinking of an educational Roth? Are you thinking of the Roth feature of no required distributions? Please clarify.

[This message has been edited by John R Grossmann (edited 02-11-99).]

[Guest Gordon]

Bookem, To my knowledge I don't think you can convert your traditional IRA in your name to a Roth IRA in your daughters name. You will have to convert it in your name. Also,An individual cannot open a Roth IRA in their own name unless they can show that they made that much $ in a particular year.

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Gordon