My son who is in college has a good size bank account. He had an income of only $3,000. He switched money($5500) from a savings account to a ROTH IRA. 6% penalty
Or $2500 would be incurred every year money was in account. Some answars said the $2500 would just be income. TT said to switch to regular IRA. What is best. Don't people gift into a Roth IRA for kids who have no income?
