When the teen reaches the "age of majority" (usually 18 or 21, depending on the state), the account is converted to a standard Roth IRA in their name. 💡 Pro-Tips for Success
Contributions are made with "after-tax" dollars. Since teens usually fall into the lowest tax bracket, they pay little to no tax now. solo teen ira
Wages from a part-time job (W-2), or 1099 income from "gig" work like babysitting, lawn mowing, or dog walking. When the teen reaches the "age of majority"