can i enrol in a Roth IRA without having a job?

Question

Can i enrol with a cash payment?

Answer 1

i have one and im only 16 and have never had a job.

Answer 2

No, you cannot. Like mr. Money stated you have to have income coming in that is taxable to be able to contribute to a ROTH. Also your income level cannot be over $120,000 single and no more than $150, 000 married to contribute to a ROTH. You can have an IRA with no income, just not a ROTH unless you meet the requirements above.

Answer 3

You can't put money in an IRA unless you have a job or are self-emloyed. Go to the IRS website, and check out the rules for IRAs. They aren't that long or complicated.

Answer 4

U can contribute only if you show EARNED income. or if you are filing as non working spouse. In my opinion, u shouldn't contribute if u don' c the tax benefit. there is a 10% penalty for early withdrawal.

I don't think u can contribute if u don't have income.
May be u need to ask this someone who does accounting or go to www.irs.gov i m sure u will find the answer.

Answer 5

You need to have an income (rental properties don't count). If you don't then you could invest in a different type of account, just not a Roth.

Answer 6

No, only earned income can be contributed to a Roth.

Answer 7

You have to have a job. Although, if you were a stay at home homemaker while your spouse was working, you would also qualify to add $4,000 or 100% of your income, whichever is lower.

Answer 8

No, IRA are only against earned income.

Answer 9

yes

Answer 10

yes at your bank