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A place for Get Rich Slowly readers to ask questions
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It is currently Fri Aug 01, 2014 11:32 pm




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 Post subject: Roth IRA
PostPosted: Thu Sep 06, 2012 3:28 am 

Joined: Sun Aug 26, 2012 11:59 am
Posts: 1
Hi everyone,

I am currently a college student who is looking to contribute income (~$500) I have earned this summer from selling items on Amazon into a Roth IRA. My questions are: (1) can I just deposit this amount immediately and; (2) does a Roth IRA contribution always need to be followed up by a tax return (or any other type of form) the following year?


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 Post subject: Re: Roth IRA
PostPosted: Thu Sep 06, 2012 7:09 am 

Joined: Fri May 04, 2012 2:23 pm
Posts: 810
I'm not sure how to shove $500 into a Roth IRA. Vanguard mins are $1000 for their funds, but you might be able to get it into a money market account or something of the like.

No tax forms, extra paper work or the like for DIRECT Roth IRA contributions. You'll receive a 5498 in May the following year from whom ever houses your account. Keep this, as it is the best way to keep track of your basis.

_________________
Bichon Frise

"If you only have 1 year to live, move to Penn...as it will seem like an eternity."


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 Post subject: Re: Roth IRA
PostPosted: Thu Sep 06, 2012 4:05 pm 

Joined: Mon Feb 07, 2011 6:33 pm
Posts: 1132
Location: Illinois
Is this the only money you earned for the year? If so, you may not qualify to make an IRA contribution. You have to have taxable compensation (as defined by the IRS) to make a contribution, and selling your old stuff on Amazon isn't going to count.


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 Post subject: Re: Roth IRA
PostPosted: Wed Sep 12, 2012 2:34 pm 

Joined: Mon Sep 10, 2012 2:44 pm
Posts: 18
I think Scottrade will let you start a Roth with 500.00. Personally, I'm very happy with Vanguard.


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