<prompt> Human: When I was 17, my dad opened a Roth IRA for me with himself listed as the main account owner and me as the minor beneficiary sorry if this isnt the right terminology. Im 27 now and hes been making small contributions to it since then. The account now holds about 9,000. This year we decided to transfer ownership of the account entirely to me. Will I have to pay taxes on this entire amount, and if so, how much? Is an account transfergift ? taxed differently than contributions I make myself?Thanks.  <response>: Its your Roth IRA all along, and there is no transferring. Your dad was only acting as custodian, and all contributions were treated as if you made them yourself -- thus, hopefully you had enough earned income all these years. 