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I am a retired person (DOB-05/14/1937). My question is: When

I am a retired person...
I am a retired person (DOB-05/14/1937). My question is : When I retired rolled over my 401K to an IRA on advice from an investment advisor. My question is: I have started A Roth IRA with the money the IRS advises me of an annual percentage rate from the initial IRA. for which taxes have been paid at time of the withdrawal as advised, So can I also pay a monthly instalment amount say ($100:00)into the Roth IRA, which has been setup for my Grandson.
JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?
Customer: No, thank you. It is just that the Bank of America wishes to be advised that the previous request is legal and legitimate.
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Answered in 5 minutes by:
10/18/2016
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12,867
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Hi My name's Lane ... I can help you here

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I'm so sorry, but to make CONTRIBUTIONS into a Roth (or traditional) IRA you must have earned income.

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You can always convert, as you have done.

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But if you are asking about making contributions (taking some of your other funds or retirement income and investing into the Roth) whether it's monthly or not, you MUST have EARNED income.

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Examples of earned income are wages and self employment income.

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Interest dividends, pensions, social security, (or even pulling from another account you may own) are not earned income.

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So, if you are still working, you can do this. But if not, so sorry, you cannot make contributions TO the Roth.

Ask Your Own Tax Question

Please let me know if you have any questions at all, before rating me.

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And if you DON'T have other questions Your positive rating … (by using those the stars or faces on your screen, and then clicking “submit”) …would be appreciated!

Otherwise I receive no compensation for the work.

...

Thank you,

Lane

...

...

I hold a law degree, with concentration in Tax Law, Estate law & Corporate law, a Master’s Degree, with specialization in financial accounting & tax, a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986

Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12,867
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified
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Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12,867
12,867 Satisfied Customers
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

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