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Author: TMFDj Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121340  
Subject: Re: 2005 Taxes and Roth Ira Date: 9/27/2005 10:44 PM
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I am currently a student and my only reportable income so far for the year is $2600.00 short term capital gain. I am wondering how much the maximum I can put in my Roth Ira for the year legally.

Nothing. To contribute to an IRA, you must have "earned income." In the eyes of the IRS, earned income is reported on a Form W-2 (salaries and wages), Schedule C (business income), or Schedule F (farm income). You don't have earned income, so you can't contribute to an IRA.

I hasten to point out, however, that there are three months left in the calendar year. If you were to work 10 hours per week, you would have the earned income to contribute to an IRA.

David Jacobs
TMFDj
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