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New Member
posted Jun 4, 2019 6:34:47 PM

Can you put money that you receive as a gift into a Roth IRA? Are there any taxes that would have to be paid?

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1 Replies
Level 15
Jun 4, 2019 6:34:48 PM

No you cannot use gift money for an IRA contribution.

Only taxable compensation can be used to contribute to an IRA.

See this IRS website for IRA contributions - https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-li...