#1
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Quick Roth IRA Question
Ok so I want to open a Roth IRA but my only income is from poker. I know that you can only contribute earned income to a Roth and it has to be after tax income. So let's say I get a job and earn exactly $4,000 from the job. Now I have to pay taxes on the money out of my paycheck and let's say I end up with $3,000 of after tax money to contribute to the IRA.
Could I possibly set it up so I pay the taxes on that income with my poker money so I still have all $4,000 of the earned income from the job to contribute to the IRA? Or am I required to pay taxes on that income from the income itself? |
#2
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Re: Quick Roth IRA Question
I believe you can contribute the full $4000 as you are allowed to pay the taxes with your poker money. Call the IRS and someone should be able to let you know.
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