You can open a custodial Roth IRA for a child as long as that child has earned income. Anyone can contribute to the account as long as the contributions don't exceed the child's earned income.

Personal net income is calculated as the total amount of revenue earned less the total amount of personal expenses. This differs from gross income which limits what can be deducted from total ...

This article was expert reviewed by Lisa Niser, EA, an enrolled agent and tax advisor. The Earned Income Tax Credit (EITC) can reduce taxes and increase refunds for low- to moderate-income workers ...

If you aren’t eligible for the earned income tax credit, or EITC, it means you make too much money to get it. If you are eligible for it, it means you can get a significant tax break.