nytimes.com/2022/06/10/business/kids-roth-ira-retirement.html
A Roth I.R.A. is a special retirement account. Putting money now into a Roth means your child will have decades for the money to grow, tax free. Most teenagers don’t make enough to pay much income tax, so deductions are less valuable to them.

There is no minimum age to open a Roth I.R.A. The money in a Roth can be invested, and it grows tax free. Roths also have income caps that may limit contributions as a child's salary increases. Starting young makes the most of the account’s tax-free growth.

Most children aren’t likely to earn enough to make a large contribution on their own. This means getting paid by an employer or for jobs like walking dogs and babysitting. Parents — or grandparents — who can afford to help can match a child’s contributions or deposit the entire amount.

The maximum total contribution is $6,000 annually for people under age 50. A child who receives a paycheck will get a W-2 form showing the earnings. To help things go smoothly, keep documents showing that the contribution was valid in case of a tax audit.
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