Frequently Asked Question
I am only 17 years old. I don't have a job or pay taxes. Can I contribute to an IRA?
You must have earned income (eligible compensation) to be eligible to contribute to a Roth IRA. Individuals who are eligible to establish an IRA, but are under the age of majority as determined by their state of residence, may need to have a parent or legal guardian complete and sign all related documents.
For additional reading, see Don't Forget The Kids: Save For Their Education And Retirement, IRA Contributions: Eligibility And Deadlines and Introductory Tour Through Retirement Plans.
This question was answered by Denise Appleby
(Contact Denise)
For additional reading, see Don't Forget The Kids: Save For Their Education And Retirement, IRA Contributions: Eligibility And Deadlines and Introductory Tour Through Retirement Plans.
This question was answered by Denise Appleby
(Contact Denise)
by
Denise Appleby
Denise Appleby is founder and owner of Appleby Retirement Consulting,which provides technical consultation, content, coaching, writing, editing and training services on related topics.
With more than 14 years of experience in the IRA and defined-contribution plans fields, Appleby has held several senior retirement-plan related positions with Pershing LLC, which included vice president of plans products and services, retirement plans manager, trainer, training manager, compliance consultant, technical help desk manager and writer.
With more than 14 years of experience in the IRA and defined-contribution plans fields, Appleby has held several senior retirement-plan related positions with Pershing LLC, which included vice president of plans products and services, retirement plans manager, trainer, training manager, compliance consultant, technical help desk manager and writer.
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