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Post by fixitguy on Feb 4, 2023 6:54:04 GMT
I've been on the googy on this. A married couple with a non working spouse can contribute to a traditional IRA. A single person under 50 , can contribute 100% or $6000 for the year. Question, if a single person made $5000 in 2022, you should be able to contribute $5000? Right?  |
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Post by Ozarks Tom on Feb 4, 2023 13:19:15 GMT
fixitguy, By your description they could, being single and putting in less than the maximum allowed. Or, they could shop around for silver eagles, which in my opinion is a safer storage for money long term.
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Post by Jolly on Feb 4, 2023 14:45:09 GMT
I've been on the googy on this. A married couple with a non working spouse can contribute to a traditional IRA. A single person under 50 , can contribute 100% or $6000 for the year. Question, if a single person made $5000 in 2022, you should be able to contribute $5000? Right? IIRC, he can contribute up to the allowable amount, as long as all contributions are earned income. The allowable amount includes ALL IRA's in total, be they traditional or Roth. But...I'm working off if memory and my advice is worth what you paid for it. Always consult a tax professional. One of the best pieces if advice I received as a young man, was to find an accountant and a lawyer I could trust. Those two folks can and will save you a lot of grief over the years. |
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Post by fixitguy on Feb 4, 2023 21:49:33 GMT
Ozarks Tom, We are working on liquid cash accounts now, as the cash might be needed in 10 years. The PM's will come after he starts earning from a real full time job. I'm just working on getting some more accounts established, so there is no excuse not to add to them.
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Post by Ozarks Tom on Feb 4, 2023 22:27:02 GMT
fixitguy, That being the case, then I'd suggest staying clear of any that tout municipal bonds. The municipal bonds that pay the highest interest are the cities that are way upside down in their pension funds, and are closest to bankruptcy filings.
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Post by farmrbrown on Feb 5, 2023 2:22:36 GMT
One of the best pieces if advice I received as a young man, was to find an accountant and a lawyer I could trust. Those two folks can and will save you a lot of grief over the years. I think I heard something like that when I was young. Are you still looking, too? |
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Post by Jolly on Feb 5, 2023 2:40:27 GMT
Nope. Had the same guy and gal for years.
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