This is financial advisor Patrick Munro discussing
do you have to make an income to make contributions to an IRA or Roth IRA. The answer is yes.
The IRS of course shows up when an individual is making an income, and therefore must pay
income taxes. The IRS also allows for you to avoid paying taxes and save for your retirement,
so you won’t be a strain on the government. And they allow you to put away money for the
future. This is a Roth or an IRA. But it is a function of how much money you make in your
job, as to how of a deduction you can place into the retirement vehicle, known as a IRA
or Roth. The larger the value of your paycheck, and the income that you do have in a given
year, the larger the amount of your deduction. This is very important, you cannot not have
a job, and then put money away and then get a deduction or in fact a refund from the IRS.
You must always have an income. This is Patrick Munro discussing the correlation between having
an income and IRA and Roth deductions.