Who Owns a Roth IRA
A Roth IRA is owned by the individual who opens and funds the account. The account holder controls contributions, investment choices, and withdrawals. A spouse may have a separate Roth IRA in their own name, and a custodial Roth IRA is owned by a minor but managed by an adult custodian until the child reaches the age of majority.
Who Can Open and Own a Roth IRA
Any individual with earned income who meets IRS income limits can open and own a Roth IRA. Eligibility depends on modified adjusted gross income and tax filing status. There is no age limit for contributions as long as the account holder has earned income. Non-working spouses may also own a Roth IRA if they file taxes jointly with a working spouse.
Who Manages and Holds a Roth IRA
A financial institution, known as a custodian or trustee, holds the assets in a Roth IRA on behalf of the owner. Common custodians include banks, brokerage firms, and robo-advisors. The owner chooses investments within the account, such as stocks, bonds, mutual funds, or ETFs. For more details on Roth IRA rules and custodians, visit IRS.gov Roth IRA information.
