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For many high-income earners, IRS income limits prevent direct contributions to Roth IRA accounts. Enter the backdoor Roth IRA – not a special type of account, but rather a perfectly legal transaction sequence that helps higher earners access Roth IRA benefits despite income restrictions. Here’s how it works…
You may be surprised to learn that you can open a Roth IRA for a child, as long as you can establish that they have earned income. By following a few best practices, you can begin establishing a healthy financial future for the children in your life while also teaching them the value of hard work early on.
