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Ah now it did.
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"post_content": "(Please be kind)- I don’t understand IRAs. I have about 60k in a Roth IRA (I think?) that my parents contributed for me while I was working in high school/college. It is visible in the same TD account that I have my other stocks/ETFs. What makes it a Roth IRA (besides the obvious tax definitions)? Can I only invest in certain things? I’m thankful to have it but I don’t understand it.",
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Enthusiast
Taxes are already paid on the money that’s in it, so you’re free to trade whatever you want (stocks, etfs, etc) and not have any tax implications down the line.
There are 2 types of Ira, traditional and Roth. You can contribute a total of 6k per year in IRAs, Roth or traditional. When you contribute to traditional you get a tax deduction and all withdrawals are taxable. For a Roth, you don’t get a deduction for contributions but withdrawals are tax free. It sounds like you are saying your parents opened a Roth when you started working and have been contributing for you. I have started doing something similar for my daughter. What to invest in is your decision but I would highly recommend just putting it in to broad market index funds. This is a very high level summary.
Chief
It’s like any other investment account you just won’t have to pay any tax when you withdraw it.
Pretty sure you can withdraw the $6k in contributions whenever you want, but you can’t recontribute for that year?
Rising Star
In TD, you can trade pretty much everything in IRA that you can in a regular brokerage. The one major difference is that margin is not allowed in IRA accounts, so you cannot do certain things like sell naked puts without having enough cash to cover.
Rising Star
Agree with EY1. If possible, it is best to take advantage of all the available avenues of tax sheltered growth