
Tax Relief with Logan Allec, CPA
Roth IRA Earned Income Requirements: Can You Contribute Gift Money?
Does the exact money you deposit into a Roth IRA have to come directly from your paycheck? In this video, I explain how the earned-income requirement for Roth IRA contributions actually works, whether money received as a gift can be deposited into the account, and what ultimately determines how much you are allowed to contribute. I also discuss the potential 6% annual excise tax that may apply when someone makes an excess IRA contribution and fails to correct it. Watch my other Roth IRA videos: ▶️ 15 ROTH IRA MISTAKES You Never Want to Make! Pro-Rata Rule and More! • 15 ROTH IRA MISTAKES You Never Want to Mak... ▶️ Roth IRA vs. Traditional IRA: Similarities, Differences, and More! • Roth IRA vs. Traditional IRA: Similarities... ▶️ How to Set Up a Backdoor Roth IRA at Vanguard • How to Set Up a Backdoor Roth IRA at Vanguard ▶️ Roth IRA For Kids: EVERYTHING You Need to Know + Step-by-Step Tutorial • Roth IRA For Kids: EVERYTHING You Need to ... This video is for general educational purposes only and is not individualized tax, legal, investment, or financial advice. #RothIRA #IRAContributions #RetirementPlanning #PersonalFinance #TaxTips

