I understand that life insurance money is not taxable, but the interested earned on this money is could I take the interested that has been earned in the account that I put the money in into my roth ira without having to pay taxes on this. I have been earning around 160.00 a month since June. Any other suggestions with this would be very helpful.
2006-12-10 06:35:03 · 6 answers · asked by Dee 3 in Business & Finance ➔ Personal Finance
The key feature of a Roth IRA is that you put after-tax money into it, so the short answer to your question is No. Nor can you feed the money to a conventional IRA, because it isn't earned income. If you are employed, maximize your conventional IRA contributiens to get the best effect.
2006-12-10 06:39:40 · answer #1 · answered by Anonymous · 2⤊ 0⤋
Actually, you take the money that you earn and put it in a Roth IRA and use the 160 a month to supplement your income.
2006-12-11 03:58:26 · answer #2 · answered by Steve R 6 · 0⤊ 0⤋
Money going into a Roth IRA is post-tax, so anything going in would have to have taxes paid on it first.
2006-12-10 06:38:51 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
attempt to do not some thing with it for a million 365 days. you could in elementary words spend it once. regrettably, except you opt for to tie the money up for 20-30 years, you could not get a lot for pastime from it. Municipal Bonds (those 20-30 years) run about 3.5% as we talk.
2016-11-30 09:48:54 · answer #4 · answered by Anonymous · 0⤊ 0⤋
This is a poor place to ask quesyions like that. So find a CPA in your area they can tell you what to do.
2006-12-10 06:41:08 · answer #5 · answered by railway 4 · 2⤊ 0⤋
What ever you do, don,t take advice from friends! go to
a qualified financial advisor, or your bank or building society!
2006-12-10 06:39:18 · answer #6 · answered by Anonymous · 1⤊ 0⤋