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I have $10,000 in savings and a few stocks. I'm afraid that…

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I have $10,000 in...

I have $10,000 in savings and a few stocks. I'm afraid that the IRS will tax me heavily. Is it too late to open a Roth IRA or regular IRA to offset some tax liability? Also, I defaulted on my student loans and I get no refunds now.

Accountant's Assistant: The Expert will know how to help. Is there anything else the Expert should be aware of?

My money is in 3 different banks and a brokerage account.

Submitted: 8 months ago.Category: Tax
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Answered in 3 minutes by:
9/14/2017
Tax Professional: Robin D., Senior Tax Advisor 4 replied 8 months ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,828
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 8 months ago

Almost everyone who is under age 70½, and has earned income or a spouse with earned income, is eligible to open and contribute to an IRA. You have until April 15th of 2018 to contribute to an Traditional IRA and have it count for 2017 taxes.

A ROTH IRA does not protect you from tax because the amount you put in is not deducted from income.

Your savings account is not taxable except on the interest you earn. Stocks are only taxed when you sale and have a gain.

Please let me know if you need more information.
If not then scroll up to see the STARS to rate so I am credited.

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