DanaB27
Expert Alumni

Get your taxes done using TurboTax

It is too late to make IRA contributions for 2022 and 2023.

 

Yes, if your son as enough earned income on his W-2 then you can open the IRA for him. Please see IRA contribution limits for additional information,

 

Please note, if the standard deduction reduces his taxable income to $0 then making a contributions to the traditional IRA won't benefit him and it would be better to make a Roth IRA contribution.

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