Author Topic: Roth IRA for 16 yo - how much can be invested  (Read 1138 times)

dundee

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Roth IRA for 16 yo - how much can be invested
« on: August 06, 2015, 01:24:46 PM »
Hello all,

My son had his first summer job this year. He will probably make ~$1,200 before taxes. That will be ~$1,000 after taxes, although, some of it will be refunded after he files taxes next year. I want to start a Roth IRA for him.

This may be a small technicality, but, can he invest the full $1,200 in Roth IRA for 2015? or is he limited to 1200 minus taxes ?

Thank you.

MDM

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Re: Roth IRA for 16 yo - how much can be invested
« Reply #1 on: August 06, 2015, 01:29:27 PM »
This may be a small technicality, but, can he invest the full $1,200 in Roth IRA for 2015?
Yes. 

dundee

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Re: Roth IRA for 16 yo - how much can be invested
« Reply #2 on: August 06, 2015, 01:43:08 PM »
Thank you for the quick response.