If you a kid who actually has a job, as opposed to the typically summer jobs that don’t exist this year.
You can contribute to a Roth IRA for him or her up to their earning limits or $6,000 whichever is less.
If you decide to give this generous gift you have until April 15, 2021, to make the contribution.
If you have current cash sitting around doing nothing you have until July 15 to do this for them for the 2019 tax year.
These gifts do count towards your $15,000/$30,000 annual tax exclusion.