Roth IRA contributions without any income

by | Sep 5, 2022 | Roth IRA | 12 comments

Roth IRA contributions without any income




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12 Comments

  1. ryan steinborn

    If you're on ssdi can you use that money to a roth IRA?

  2. 10tenman10

    The amount which you contribute is related to income. I get there is an upper limit of income. What is the actual amount of income which determines how much you can contribute (not maximum etc–just what is the calculation on how much you can contribute

  3. 10tenman10

    I have looked at several of your videos. I am trying to figure out how much my daughter (relatively low income) can contribute to a Roth IRA–not overcontribution, limits etc. Just how much can she contribute?

  4. Pamela Odom

    Can I contribute to my IRA drawing social security? I have a lot of money in savings account I need to either keep feeding my IRA or open an Roth IRA.

  5. yuliana redford

    Im stay home mom now , I make mistake by take out cash from my 403b and get tax 20% I believe ,I also just open ROTh IRA , haven’t receive the check yet but my question do I still have to pay income tax next year , if I receive the money from my 403b can i just transfer all from my bank account to ROTH IRA , thank you so much if you can answer my questions.

  6. Gary Inman

    Thank you. I have watched several other videos about Roth contributions and the Backdoor Roth. Yours is the only one that was clear about earned income. I have plenty of income, just none of is earned. I was hoping to use RMDs to fund a Roth, but clearly that's not an option for me.

  7. Steven Obrien

    Great video Travis. Can you explain briefly the spousal Roth ira term? Its basically seperate Roth IRAs owned by each spouse but the one spouse working with income each can contribute separately to the their own accounts correct?

  8. Derek Spainhower

    I can't seem to find any info on what the penalty is if you contribute to your ROTH IRA with no income. For instance, in Jan of 2021 you contribute the max amount to your IRA assuming you'll make enough through out the year to qualify. But instead you lost your job and have no income for the year. What's the penalty if you don't make any or enough taxable income. Can you just withdrawal the amount you deposited before the end of the year to avoid a penalty?

  9. rachel s

    Thank you for this video, it was very helpful.. so if I'm understanding this correctly, I cannot contribute to a roth ira with donations I receive in exchange for services? Im unemployed in a traditional sense, and I make my income exchanging my services for donations. I wouldn't be able to use this unless it's something I include in my taxes? Thanks!

  10. FerallHog

    So if I made $50,000 and then got laid off….can I still contribute to an existing Roth IRA even though not currently employed??

  11. Ayonnaz Glam

    So what if you opened a Roth IRA when you were working but your no longer have that job. Will they close your Roth IRA?

  12. Mustafa Yasin

    I have penalty for 2020 like i have to pay 2,160 $ i filled joind marreid can u give advice what to do ?

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