is it like a mutual fund? i dont have a job or anything can i still invest in ROTH IRA ?? or stick with mutual fund whats the diff
2007-11-28 20:08:31 · 4 answers · asked by Frosty Z 1 in Business & Finance ➔ Investing
without earned income (income from either self employment or wages) you can not invest in a Roth IRA. It is not like a mutual fund. It is a tax free investment account set up by an act of congress. A person can contribute up to $4000 a year of earned income into a Roth IRA with certain exceptions. Once the money is in the account it can be invested in stocks, bonds, or mutual funds and any money earned is tax free provided it is not withdrawn prior to age 59 1/2. All brokerage firms and all mutual fund companies will set up a Roth IRA account for you. But again you must have earned income (income not from investments) Can of stupid actually but that is our government for you as if investment income is not earned.
2007-11-29 06:34:27 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You can find out about IRAs at www.ira.com. The short answer is that you must have earned income in order to contribute to an IRA.
2007-11-29 03:06:26 · answer #2 · answered by npk 7 · 0⤊ 0⤋
http://www.irs.gov/publications/p590/
2007-11-28 21:52:14 · answer #3 · answered by jeff410 7 · 0⤊ 0⤋
You can find out at:
http://en.wikipedia.org/wiki/Roth_IRA
2007-11-28 20:16:15 · answer #4 · answered by Richard B 7 · 0⤊ 0⤋