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|Subject: Re: Retroactive IRA inputs||Date: 8/22/1999 10:15 PM|
|Author: rjm1||Number: 13342 of 76418|
One of my Foolish relatives invested money to pay for my college. Having chosen to go to a state school, a bit of the money was left over. Thus began my investing career.
Now I am at graduate school getting paid a few cents an hour to work 80 hours a week--perfect for setting up some DRiPs. Unfortunately, I've learned that DRiPs are no good with IRAs. So, while DRiPping, I would still like to take advantage of the fact that I am making over $2000 a year. At the end of the following years, can I claim $2000 of what I have left over from my education fund even though I did not technically "earn" it?
You must have 2,000 of earned income to contribute 2000 to an IRA. The answer is no.
I do not uses DRiP's, but I do not see why they would not work in an IRA. I could see a problem in finding a custodian/brocker to handle the account but I think E Trade and E Schwab would.
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