We do not see any problems in setting up an IRA account for a minor, and we recommend titling the account as you would any other IRA account. The Illinois Banking Act states that “the rules and regulations of such bank with respect to each such deposit and account shall be as binding upon such minor as if such minor were of full age and legal capacity.” 205 ILCS 5/45.1. And, an IRS publication on IRAs states that contributions to IRA accounts can be made “regardless of your age” (subject to the ordinary limitations on contributions). IRS Publication 590-A, Page 41.