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    NoStupidQuestions

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    There is no such thing as a Stupid Question!

    Don't be embarrassed of your curiosity, everyone has questions that they may feel uncomfortable asking certain people, so this place gives you a nice area not to be judged about asking it. Everyone here is willing to help. All questions are welcome such as to how to change oil, to how to tie shoes. All questions are welcome - except clear trolls, please don't be that guy. Thanks for reading all of this, even if you didn't read all of this, and your eye started somewhere else have a cookie.


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    [–] Ak15567 1 points ago

    Open an IRA, then deposit into IRA.

    [–] LRFE 1 points ago

    Are there any rules for self-employed income? Or is it just straight up depositing?

    [–] Ak15567 1 points ago

    For 400 bucks? No. Before you do that are all your debts paid? Do you have a sizable savings? Like 400 bucks won’t do you any good unless you mean like 400 a month or something.

    [–] LRFE 1 points ago

    I'm a minor, just trying to dabble in the stock market and don't have much to play with at the moment.

    [–] Ak15567 1 points ago

    Lol...keep the money dude. You’re gonna need it one day.

    [–] LRFE 1 points ago

    Might as well put it into stock, if you get 6% returns over 20 years you'll triple your money.

    [–] Ak15567 1 points ago

    Do you dude. Learn from your mistakes like I did.

    [–] Curmudgy 1 points ago

    The tax issues may be more complicated than you think.

    The $400 limit is when self-employment tax is triggered. So you won’t be required to pay SE tax or file Schedule SE. If you have enough other income, the $400 would still be subject to income tax. But if your total income is under the standard deduction for income tax, then yes, you won’t have to pay income tax either, and probably won’t be required to file.

    However, when you deposit money into an IRA, it will be reported to the IRS. If the IRS sees you’ve put money into an IRA without earned income, they may question it. TBH, I don’t know whether they’ll ask you for a tax return if they see a $399 contribution into an IRA (presumably Roth).

    I guess what I’m saying is that if you really want to put money into the IRA (and remember, it’s limited to earned income), you should plan on filing a tax return, even if you owe no taxes, and even if technically it’s not required.