I want to open a custodial Roth IRA for my 16 year old that has some earned income. As I understand I'll need to prove that contributions aren't exceeding a maximum, which I imagine is just some tax forms that I or a CPA can figure out.
The challenge of the situation is that my child is claimed on my ex-spouse's taxes each year and my ex-spouse will be filing my child's taxes with her filing. Is it okay for me to be the custodian of the Roth IRA or must that be the parent that claims/files their taxes? Can I be the custodian and simply pass on the tax forms that the brokerage gives me at the end of the year to my ex-spouse to include in her filing? Any suggestions?