ROTH IRA Qualifications

Video Transcript

"This is financial advisor, Patrick Munro, answering the question, who qualifies for an IRA? Well, in order to get an IRA, you must be a American citizen, gainfully employed with taxable income, and working at a job that has tax deductions, and deducted as source. In other words, you're payroll deducted. The government comes along with a plan, called an IRA, and you can from your annual allowable deductions, place income that you earn from your job, into the IRA, and whatever you place in to that, under your tax code. You will receive a tax deduction, and not have to pay, on the internal rate of return, that you have on this investment, so that is basically a background, on who qualifies for a traditional IRA. This is Patrick Munro, financial adviser, talking about who qualifies for a traditional IRA."