You must have earned income (eligible compensation) to be eligible to contribute to a Roth IRA. Individuals who are eligible to establish an IRA, but are under the age of majority as determined by their state of residence, may need to have a parent or legal guardian complete and sign all related documents.

For additional reading, see Don't Forget The Kids: Save For Their Education And Retirement, IRA Contributions: Eligibility And Deadlines and Introductory Tour Through Retirement Plans.

This question was answered by Denise Appleby
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  1. I earn more than the income limit for both a Roth and Traditional IRA deduction. ...

    It is always a good choice to fund the individual retirement account (IRA), even if the owner is not eligible to claim the ... Read Answer >>
  2. Who is eligible to open an IRA?

    Individuals employed by an employer are eligible to open a traditional IRA if they receive bonuses, wages, commissions and ... Read Answer >>
  3. I didn't earn any income this year. Can I still contribute to a Roth?

    Wages from past years can't be used as a basis for making contributions to a Roth in the current year. In order to establish ... Read Answer >>
  4. Is it permissible for a 70-year-old person to buy an IRA?

    It depends. For Roth IRAs, there are no age restrictions. For Traditional IRAs, there are no age restrictions if you are ... Read Answer >>
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