Question by what?: I am a college student, can I open roth IRA and start contributing?
I am a dependent in my twenties, studing in a community college. I am employed as a tutor in my CC. Can I start saving for my retirement? does ROTH IRA work for me? or is there a better option?
P.S. I can contribute $ 400 each month. Is that too little to qualify for a roth IRA?
P.S. also, will participate in a roth IRA affect my status to receive financial aid from government?
Best answer:
Answer by shiprepairwoman
You can contribute up to your earned income capped at 5K,
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Question by Green12345: How can I start a Roth IRA with my money?
I want to open a Roth IRA with a check I received as gift. However, it is greater than my annual income.
I know that money contributed to a Roth IRA must be taxable income. Is there a legal way around this?
Best answer:
Answer by The Son of Rage and Love
No there isn’t a “way around it” – sheeez, it seems like all I see on Yahoo Answers are people looking for some way to beat or scam the system. There are limits on how much you can put annually into a Roth or any IRA for that matter. No mutual fund company or bank will take more than that limit.
What do you think? Answer below!
Question by qaperson6859: What exactly is a Roth IRA and should I start putting money in it? Im 22?
Im 22 and just started my first “real job” right out of college. About to finish paying off my student loan and was looking at also investing in mutual funds and a Roth IRA. What all is involved with a Roth IRA? Does it have its on interest rate or whats the deal?
Best answer:
Answer by golferwhoworks
smart investor. always start young as you can. ROTH is after tax $ $ $ that earn what ever they are placed in. diversify the portfolio into growth, growth and income and some over seas stuff. you can put in as much as you wish per month and some will be tax deducible come irs time every year even if you over fund.
Know better? Leave your own answer in the comments!
n? Some of the stocks had dividends, some had profits, some losses? So how is the tax computed on the payouts? Is there anything I should be doing with this traditional IRA account to make sure that expenses and losses are taken into account correctly?
I have two questions about my employer retirement 401k contributions.
1. The maximum I can put in is $15,500 for 2007. But I started in mid year. Is it prorated from the time I started? Example: I started on July 1, is the contribution $15,500/2 = $7,750.
2. My employer matching is 2:1 up to a maximum of 6% of salary. Example: $50,000 annual salary, employer contribution is $3,000. For every dollar I put in, they will put in $0.50. Is the employer matching of $3,000 included in the $15,500 which means the employee total amount invested is $12,500, or, is it $15,500 from employee plus $3,000 from employer which would equal $18,500. I think it’s the former but just want to check.
Thanks….
Im 22 and just started my first “real job” right out of college. About to finish paying off my student loan and was looking at also investing in mutual funds and a Roth IRA. What all is involved with a Roth IRA? Does it have its on interest rate or whats the deal?
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