ST Alpha - "is one of our accountants here? sonofafreakingbiscuit. you can't contribute to a roth ira if you don't have work income?!" (Reading a Post)

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is one of our accountants here? sonofafreakingbiscuit. you can't contribute to a roth ira if you don't have work income?!

Posted by b! (aka starrynut) Apr 12 '09, 16:05

so the 5K i put in last year, before, you know, the big stock market tumble which made it less than 5K in value i now have to take out right quick, lest i be penalized?! and i have to take the whole 5K out?!

why didn't freaking fidelity ask if i was working before letting me add?! i so did not know that and never gave a thought to it (in any case, i hoped i would be back to working before the end of the year; but that was not to be).

this sucks, bites, and blows. no 401k contributing or matching, and no roth ira, and i have to eat the loss? freakingfreakcaraccidentandninnywithnomoneywhohitme.

:( -!

Responses:

Unfortunately, yes. It has to be earned income. -- nm - psilotum Apr 12, 17:47 1
- i just realized that in my "?!"-ing frenzy, i already knew all but one answer. the "is it the whole amount" part - i know it's the full + any income - b! Apr 12, 18:10
So far every quick google link I found says approximately the following. - Qale Apr 12, 16:07 10
- thanks, but i googled before i whined. - b! Apr 12, 16:12 9
  - Get a fake, working, spouse. They'll never know. -- nm - jnine Apr 12, 16:22 2
    - ::looks at dano:: sigh. what might have been. -- nm - b! Apr 12, 17:28 1
      - I'm just a tax write-off to you, huh? Plus I don't turn 40 til next year. Isn't 40 the deal? -- nm - Dano Apr 12, 18:52
  - I'm assuming it's going to be near impossible to fix it retroactively. -- nm - Qale Apr 12, 16:16 5
    - i think the fix is my withdrawing before the 15th (or later, if i extend, which i likely won't). - b! Apr 12, 16:24 4
      - How did you get the money to contribute anyway? If it's via some kind of medial disability or pension or something, I would imagine that would still - Qale Apr 12, 16:44 3
        
        the only "earned income" that counts is wages/salary/bonuses, not state or ss disability or insurance or savings/investments. so you need $ from an - b! Apr 12, 17:06 2
        
        I'm really sorry that it got all screwed up like it has. -- nm - Qale Apr 12, 17:08 1
        
        thanks very much, i appreciate the support. :) - -- nm - b! Apr 12, 17:17

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is one of our accountants here? sonofafreakingbiscuit. you can't contribute to a roth ira if you don't have work income?!

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