Q: Can I set up a Roth IRA for each of my adult children in their names if my spouse and I make more than the $180,000 cap for Roth IRAs? Thank you!
A: Thanks for your email. You can OPEN Roth accounts for your children, but in terms of “funding” them, your children must have earned income (reportable to IRS) to contribute to the accounts. You may contribute the lesser of $5500 or your total earnings for the year.