<prompt> Human: Our son is about to turn 1. Can I open a Roth IRA in his name and contribute my finances for him? How does that work when tax time comes around. The goal would be for him to have a healthy amount of savings as he grows older but I also what him to have it so he can buy a house or turn that money around for his future children and help them. Is a Roth IRA the best for this? Or is there a better option?  <response>: Are you making the full contribution allowed to your 401k, IRA, or any other tax-advantaged retirement plans you have access to? If not, do that before thinking about savings for your children. One of the best financial gifts you can give a child is not depending on them for your financial security. 