anyone else dumping 7k into their roth ira tomorrow? 0.o
>>61573847You can only fund your Roth IRA with earned income from that year. You didn't earn $7,000 in one day.
>>61573873does it really matter if you earn the money later that year? a lot easier to just max the roth day 1
>>61573847Dumping $7000 into my TFSA.
>>61573909>>61573873As long as you earn over $7500 and less than $153k (individual) in the year you’re fine, is my understanding.
>>61573909I guess not. I always assumed you had to wait and earn the money to contribute it, but I guess you can just lump sum it, assuming you don't get fired or quit your job before you make that much.
>>61573936op here. well i guess you learn something new everyday
>>61573873That's not true at all. I have no idea where you heard that from.
>>61573847op here again. ill try dumping 7k tomorrow into it and see if gives me an error or somethin & ill report back in here xD
>>61573999It'll work just fine.
>>61573847In prior years, yesNot this year, I want to be able to realize some gains in my brokerage account to buy a house outright, so that will put me above the Roth IRA income limits
>>61574005nice, godspeed to you
>>61573847LMAO fuck no, that's retarded.There's a FULL YEAR ahead, and there's bound to be dips. I'm going to DCA in at each dip not dump it all in at the top like a moron.
>>61574021ya i getchu. think im gonna still move the money over so itll be ready to go whenever
>>61574021You can put it in the Roth and not invest all of it immediately
>>61574021If time in the market is important, than January 1 2026 is surely better than any other day.And if anyone hasn't contributed for 2025 and you're eligible, you have until April 2026 to make a 2025 contribution. In that case, it makes sense to fund 2025 before 2026, because the window for 2025 closes sooner.
>>61574021you might think that but in the long term it wont really matter, besides what if the first 'dip' in 2026 is 5% above where we are now?
i just did
>>61573847Why tomorrow? You have til like april 12th or some shit.
>>61573873Holy fucking shit you're retarded. Select the goddamn year 2025 and deposit your $8k. You have 3 months to do this>>61573909Ignore the dumbass. He's having a laugh at your stupid question that is easily googled. Biz really is full of the worst kind of idiots. Including you OP. Good luck anyway, it's really fucking easy and you are overthinking it.
>>61576071its the first day you can contribute to for the 2026 year. You have until tax day 2026 to max out the 2025 window. there's still time if you didn't do 2025 year yet.I max it when i get my previous year profit payout which is around march
>>61573873son i earned 7k before i woke up this morning. stop being poor its gross.
>>61576101If no one is poor, your money is also worth nothing retard. There would be insane inflation.
>>61574021you're a retard, lump sum dumping is way better than DCA. DCA is a memehttps://www.youtube.com/watch?v=KwR3nxojS0g
>>61573909Doesn't matter.>>61573873Holy shit no one cares
>>61577355that's basically correct. Sooner is generally better. DCA has more consistent returns that track the market with less of a chance from deviation from that. The dumbest thing would be holding onto the money and then thinking you can time a big dip.
>>61573847>>61573909$2.5k a year is the maximum we're allowed to put into it. And we get taxed 40% when we take it out. And we're only allowed to take it out starting at 71 I believe it is now.So why do we do it? Because you get to tax defer the whole of the $2.5k, WOWI hate europe and all the hellish bureaucracies in it
>>61577623Sounds terrible.
>>61573847roth vshttps://www.youtube.com/watch?v=uiTDOSk4avw
