Roth IRA for Dependant

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.

In order to contribute to an IRA, you have to have earned income (either from self-employment or from wages).

I have assumed your child does not have taxable earned income and therefore would not qualify to contribute to an IRA.

You can, however speak to a financial advisor UGMA/UTMA accounts. Under the Uniform Gift to Minors Act or Uniform Transfer to Minors Act, you can open up custodial brokerage accounts for your kids. Although the account will initially be in your name, your child will be able to take full control of it once he or she reaches age 18 or 21, depending on state laws.