Here’s an idea to help a child or grandchild who will be working this summer: You can contribute to a Roth IRA for him or her…up to $6,000 for 2019, but not more than the child’s 2019 earnings. Inside the Roth, earnings grow tax-free. If you go down this path, you have until April 15, 2020, to make the contribution. The payin counts toward your $15,000 gift tax exclusion ($30,000 if married). This can provide a nice nest egg. And there are key tax advantages to Roths: All distributions made after age 59½ are nontaxable. Contributions can be pulled out free of tax at any time. And when the child is ready to buy his or her first home, $10,000 of earnings can be taken out tax-free. IRS Publication 590-B has more details