Boiler Room: The Official Stock Market Discussion
I opened (under my name) a Roth IRA for my 30-month-old son with a starting balance of $23K (me being a Jordan stan,
).The plan? A mix of covered calls, wheel, some swings, and solid long-term shares.
I’ll be sharing all the updates in my channel. For anyone who’s not into the day-trading grind, this one’s for you.
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Picking up some BHC again on this pullback(7.16 is where i wanted). Will hold for a while and see if we go back up
Bought more VERI today also
naijaboi
All Star
I opened a Roth IRA for my 30-month-old son with a starting balance of $23K (me being a Jordan stan,
The plan? A mix of covered calls, wheel, some swings, and solid long-term shares.
I’ll be sharing all the updates in my channel. For anyone who’s not into the day-trading grind, this one’s for you.
Join the Woof Streets Discord Server!
Check out the Woof Streets community on Discord - hang out with 4565 other members and enjoy free voice and text chat.discord.gg
Is this legal
Dreamchaser
All Star
No, its not. In order to open a roth ira for kid they need to have earned income. A 30 month old won't have that. He's about to get an expensive tax hit with this Roth.Is this legal
Is this legal
Im assuming its not in the sons name,just for his son when he gets older
Dreamchaser
All Star
Lol is waiting until he dies? Because that's the only way to inherit it.Im assuming its not in the sons name,just for his son when he gets older
Bboystyle
FIRE MATT LAFLEUR
u can always pull out early for a tax hit or when he hits retirement age
BlaxOps
Pro
ChatGPT:Is this legal
Roth IRA for a Minor ("Custodial Roth IRA")
- You (as a parent or guardian) can open what’s called a custodial Roth IRA for your child.
- The account is in the child’s name, but you manage it until they reach adulthood (usually 18 or 21, depending on your state).
Rules
- Earned Income Required
- Your child must have earned income (wages, self-employment, modeling/acting, babysitting, etc.).
- Example: If your child earns $2,000 in a year, the Roth contribution limit is $2,000, even though the IRS max is $7,000.
- If your baby has no income, you can’t contribute to a Roth for them.
- Who Provides the Money?
- The contribution doesn’t have to come from the child’s actual paycheck.
- As long as the child had earned income, you (or grandparents, etc.) can provide the contribution.
- Example: Your 10-year-old earns $1,000 doing commercials. You could put $1,000 of your own money into their Roth IRA.
- Huge Growth Potential
- Starting early means decades of tax-free compounding. Even a small contribution when they’re young could grow significantly by retirement.
So for your baby specifically: unless they have real, documented earned income (like from child modeling or acting), you cannot open a Roth IRA for them yet.
You cannot “transfer” your Roth IRA to your child
- A Roth IRA is always tied to the person’s Social Security number.
- You can’t change ownership of an IRA (Roth or Traditional) to someone else — even your child.
- The only way it transfers is if you die, and then it becomes an inherited IRA, which has its own rules.
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He will definitely be retirement age or close to it by the time his child is college agedu can always pull out early for a tax hit or when he hits retirement age
Bboystyle
FIRE MATT LAFLEUR
That explains the market jump at the end of the day
Mirin4rmfar
Superstar
I want Hims back in the 30s damn it