Ask The Expert: Eligibility

MOST USEFUL ANSWERS:

I turn 53 this month and have no other retirement fund other than a traditional 401(k). At my age, is there any point in starting a Roth IRA?
107 out of 149 people found this useful.
How much should you save every month in your Roth IRA?
140 out of 205 people found this useful.
What's the penalty rate for withdrawing from a Roth before age 59.5?
125 out of 154 people found this useful.
I understand Roth contributions are not taxed when withdrawn, but what about the earnings?
112 out of 155 people found this useful.
When does my contribution for 2012 need to be in by?
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Can one have a Roth IRA if they already participant in their employer's 401k retirement plan?
60 out of 94 people found this useful.
I am 75 years. Should I convert to a Roth IRA?
91 out of 156 people found this useful.
I am going to be able to take my pension in a lump sum right now, even though I am still working and will continue to work for 5 more years. Can I put the entire lump sum in a Roth IRA, or just the $5K plus the $1K catch up amount?
90 out of 148 people found this useful.
Can you have more than one Roth IRA?
85 out of 116 people found this useful.
Are distributions required with a Roth IRA as with a traditional IRA once a certain age is reached?
81 out of 129 people found this useful.

ALL ANSWERS:

I am about to enter college in the fall of 2013. With financial aid and scholarships not meeting the cost of tuition, I must resort to taking out loans. Knowing I will be on a tight budget for the years to come, I have looked into a Roth IRA. If I have no income, just savings—am I still eligible to put money into a Roth?
27 out of 49 people found this useful.
Can I put money into a Roth for my one-year old grandson?
23 out of 41 people found this useful.
I had been considering putting some money away for our young daughter, but she obviously doesn't work. Can I open a Roth IRA for her?
31 out of 60 people found this useful.
What happens if I have to cash in my Roth IRA early? Is this taxed as regular income?
51 out of 80 people found this useful.
Do unemployment payments count as earned income?
43 out of 78 people found this useful.
I don't have a steady job or regular income but am trying to save as much as possible. Can I open a Roth IRA with $1,500 and contribute a minimum of $1,000 a year as an annual lump sum?
48 out of 83 people found this useful.
My wife and I are in our early 60s. If we put money into a Roth IRA, do we still have to wait 5 years before withdrawing it? If one withdraws the account before 5 years, what are the penalties?
64 out of 114 people found this useful.
Can I set up a joint Roth IRA with my spouse?
55 out of 103 people found this useful.
Can I have more than one Roth IRA?
44 out of 98 people found this useful.
90 out of 148 people found this useful.