Can I put my leftover FASFA money into Roth IRA?
I am receiving financial aid this summer and will have probably $2,000 left over. I currently do not work because I am attending school full time, can I deposit $1,000 into my Roth IRA If I make one?
- EvaLv 75 months ago
No. In order to contribute to a Roth or Traditional IRA, you must have earned income. You cannot contribute more than you made.
- JudyLv 75 months ago
No, you have to hav earned income to contribute to an IRA, Roth or traditional.
- Wayne ZLv 75 months ago
if you are not working, no.
To contribute to ANY IRA, you must have "earned income".
Earned Income is income from working; either a W2 job or Self-Employment.
If you read the rules, the annual contribution limits for IRAs are the LOWER of $6,000 or your earned income (income from working).
So, if you are not working and have zero earned income, the calculation is:
B) $0 (Your earned income)
Your limit is $0; the lower of A or B.
- StephenWeinsteinLv 75 months ago
If you did not make any money, then you cannot put any money into your Roth IRA.
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- Anonymous5 months ago
Possibly, but you didn't give enough information.
Have you worked at all in the past 17 months (between 1/1/2019 and now)? If not, the answer is no and you can stop reading.
If yes, the answer to your question is yes.
The federal tax filing deadline for 2019 tax returns has been extended until 7/15/2020. The 2019 IRA contribution deadline has also been extended to 7/15/2020.
I understand you're not working NOW, but you didn't say if you had any earned income in 2019 or earlier in 2020. The other people who answered assumed you didn't. They could be right or wrong.
You can contribute to a Roth IRA for 2019 up until 7/15/2020 if you had earned income in 2019.
You can contribute to a Roth IRA for 2020 up until 4/15/2021 if you have earned income in 2020.
- PearlLv 75 months ago
i would ask financial aid about it
- A.J.Lv 75 months ago
No earned income is no Roth IRA