Establish ROTH IRA for minor child

[Guest Barney Byrd]

I understand a Roth IRA can be established for minor child with qualifying income. For some reason, financial institutions that handle Roth IRAs aren't willing to open a Roth IRA for a minor. Can anyone furnish names of brokers/banks that are willing to open a Roth IRA for a minor. I'm aware that I can open a Roth IRA for myself and designate my minor child as beneficiary. I'm not asking about that. I want to open a Roth IRA in the name of the minor child.

------------------

[BPickerCPA]

I did it at Charles Schwab.

------------------

Barry Picker, CPA/PFS, CFP

New York, NY

[Guest Barney Byrd]

Thanks for your help.

[John G]

Schwab is a YES. Etrade is NO. Apparently the issue for brokerages and mutual funds is the overlap between custodial accounts related to <18 yrs age and IRA accounts.

You will probably find yes/no answers if you try the various mutual funds. Don't take NO for a final answer, just call a few more places. Perhaps other readers can add some info on mutual fund family acceptance of juvenile status IRA/Roths.

[Guest Randy Ehle]

LPL Financial Services will also open a Roth IRA for a minor with qualifying income.

[John G]

Was on the line with Janus Funds today. They said minor child is not a problem, just requires additional custodial designation.

[Guest Barney Byrd]

Thanks to all for your help.