Hi phxknt, thank you for joining TurboTax Special Forum today.
Congratulations on your new baby. What a joyful life event!
For any tax advantage account, such as Traditional IRA, Roth IRA, the account holder has to earn compensation, such as wages, salaries... amount received for providing personal services in order to make contribution. Your child won't have earned income for a while.
If you choose to open investment account in the child's name and has "unearned income". There is "Kiddie tax" consideration.
Topic No. 553 Tax on a Child's Investment and Other Unearned Income (Kiddie Tax)
https://www.irs.gov/taxtopics/tc553
Tax Filing Requirements for Children
https://turbotax.intuit.com/tax-tips/family/tax-filing-requirements-for-children/L8ice6z0K
Also, many states offer IRC Section 529 Plan - college saving goal with a flexible, tax-advantaged plan. Various states offer tax deductions or tax credit. Please check it out.
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