I got into investing around two years ago and was focusing mainly on an individual taxable account. When I found out about the tax benefits of the Roth IRA, I decided to open up an account using M1 Finance, and started contributing to it.
Now, I have around $2500 invested in my Roth IRA account. I just now found out that you need to have earned income in order to contribute to a roth ira. The problem is that I am unemployed as I am a college student.
What should I do in this case? I don't know how I was allowed to open up a roth ira without M1 checking or asking for proof of income or anything like that. Should I close the account? Will I have to pay a fine on this?
Submitted February 15, 2021 at 06:59PM by iahadkhan https://ift.tt/3qtxIPu
