@jyeh74 wrote:
@macuser_22 Once custodial Roth IRA is set up at the brokerage firm for the child, you can set up a bank account to link to it. That way, you can transfer money into it. For example, let’s say the child earns $6000 a year. To transfer $6000 into the custodial Roth IRA, do you set up the parents bank account to transfer the funds or do you set up the child’s bank account to transfer the funds. People said it doesn’t really matter.
That has nothing to do with taxes whatsoever. That is simply the policies of the financial institutions.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
