old_yote asked:
I have taken the year off from work, but with the dramatic stock market sell-off in the past few months, I recently added to my Roth IRA account so that I could have the opportunity/funds to make additional investments. However, I have been informed that I may have made a mistake in doing so.
If I don’t get a job and earn income that is equal to or greater than my Roth contribution by the end of the year, am I going to be in trouble? Or if I don’t get a job and thus don’t file an income tax return, would it even be an issue? If caught, what would be the resulting penalty/fine? Would I be forced to sell my stocks, take a hit in early redemption, and withdraw an amount equal to my recent contribution?
I have taken the year off from work, but with the dramatic stock market sell-off in the past few months, I recently added to my Roth IRA account so that I could have the opportunity/funds to make additional investments. However, I have been informed that I may have made a mistake in doing so.
If I don’t get a job and earn income that is equal to or greater than my Roth contribution by the end of the year, am I going to be in trouble? Or if I don’t get a job and thus don’t file an income tax return, would it even be an issue? If caught, what would be the resulting penalty/fine? Would I be forced to sell my stocks, take a hit in early redemption, and withdraw an amount equal to my recent contribution?
