Yes, but you need to consider how to make the child a beneficiary. Being a minor means the child can’t inherit the account outright; you’ll need to name a custodian who manages the account until the child reaches the age of majority in your state. Alternatively, you can leave the account to a trust you set up, with the child as the trust’s beneficiary. It’s wise to speak with a knowledgeable advisor to determine the better way for you.
This is generally adjusted gross income increased by certain items such as tax-free foreign earned income. MAGI usually is used to determine phaseouts of certain deductions and credits.