
Do you know about the newly created 530(a) account for children under 18
Who else is super excited about the new 530(a) account for kids under 18? With this account, you can now open an IRA for a child under 18, contribute a max of $5K/yr!! No income required for the kid and no income limit for parents! My kids are 10 and 12, and I'm opening an account for them tomorrow. I hope to fully fund it every year until they're 18. They'll be light years ahead financially.