That’s a alternative. As per my understanding, it doesn’t let you make partial contribution. Once it is opted, it will retrain you for making any contribution for next 5 years.
So if one put 50k and opt in, they will loose option to make 6k contribution or (20k if married) per year for the next 5 years.
yes, changing self to child may incur gift tax, so may not be good option.
