Roll That Sucker Over Into an Ira

Charles and his wife are ing to teach their three kids, six, eight and ten years old, how to manage money. Since our s don't have any earned income, they don't qualify for an ir a. Therefore, we're considering opening custodial brokrage accounts for them. Charles writes: Can we roll the balance of those accounts into custodial rothirays once they get summer jobs and are officially recognized earned incomes in a few years? I understand i ra contributions cannot exceed their earned income for the year, so it may take a year or two to get the brokerage balance moved to the i r a.