Funded My 2007 Roth IRA

By | January 29, 2007

I contributed the maximum of $4000 to my Roth IRA at Scottrade. This deposit allows me to meet the minimum requirement for the Scottrade Elite platform. I downloaded the software, but have not used it yet. One of the features I looked forward to was the Level II quotes but I just learned that Scottrade charges $10 a month for it. I can get free Level II quotes from my non-retirement brokerage accounts so I wouldn’t be paying for it at Scottrade. I like to deposit money early in the year because I do a lot of trading and the extra funding gives me more buying power.

2 thoughts on “Funded My 2007 Roth IRA

  1. pfstock

    I take a completely opposite strategy. I contribute to my Roth IRA as late in the year as possible. One’s eligibility to contribute to a Roth is determined by income in the contribution year, and I’m not sure if I’ll qualify until I get a clearer picture of my income throughout the year. Assuming that you file as single, you can’t contribute the maximum to a Roth if your AGI is more than $95k. You can withdraw the excess to avoid a penalty, and put it into a traditional IRA, but that involves some messy dealings with the brokerage.

    Anyway, don’t take it the wrong way. I’m saying that you’re probably getting close to the income limit. Since you seem to be a good stock picker, a good year might put you over…

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  2. Pingback: Growing Money » Blog Archive » IRA Contribution Limits

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