Hi,Can my daughter, SimpleSquidge, open a Roth IRA withmoney received as a gift? She currently has no otherincome (being two and a bit).Always learning,SquidgePa
Hi All,Well, I answered my own question: No Income, No Roth.Thanks,SquidgePa
[[ Hi,]]Hi Squidge...[[ Can my daughter, SimpleSquidge, open a Roth IRA with money received as a gift? She currently has no other income (being two and a bit).]]Sorry, Squidge...but as you noted in your next post, no income, no IRA. But remember that the income must be EARNED income. Not just income. Make sure that you understand the distinction between the two. If you don't, let me know and I'll walk you through it in a bit more detail. You can also read more about Roth IRA issues in the Taxes FAQ area. I have a 5 part series there that discusses many of the Roth IRA issues. You might want to check it out.TMF TaxesRoyWant to learn more about taxes and investing? Then we have a deal for you!! The Motley Fool Investment Tax Guide is now available through Fool Mart. Be the first one on your block to own this masterpiece. There is still time available to do that tax planning (and tax saving) before the end of the year. So just click on this link (http://www.foolmart.com/market/product.asp?pfid=MF+013+I) to read more about this amazing collection of tax information. (Apologies for the shameless plug…but it is a pretty good book…if I do say so myself). In addition, if you would like to visit the Taxes FAQ (Frequently Asked Questions) area, click on http://www.fool.com/school/taxes/taxes.htm and you'll be right at the home page. Pay special attention to the "archives" section. Check it out. Finally, if you need to get to the IRS web site, click on http://www.irs.ustreas.gov to go directly there.
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