Ask The Expert: Eligibility

Asked by Justin 3/14/13

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?

Matthew Malone A:
Answered by Matthew Malone 3/19/13
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Unfortunately not. You must have “earned income,” i.e., income from wages, salary, etc., in the year you want to make a Roth contribution.