{ "media_type": "text", "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.", "post_id": "61e59b261cfd48002c0a9314", "reply_count": 13, "vote_count": 4, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter", "feed_type": "bowl" }

(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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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.

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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.

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It’s like any other investment account you just won’t have to pay any tax when you withdraw it.

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Pretty sure you can withdraw the $6k in contributions whenever you want, but you can’t recontribute for that year?

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.

Agree with EY1. If possible, it is best to take advantage of all the available avenues of tax sheltered growth

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Posting from the top side.

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Changed my company but it didn't update!

Ah now it did.

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Part of the crowd. The briefcase doesn't show in post details though.

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What's the longest period of time you have had to wait to get credentialed before starting a new position?

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Room service or working (drinking) at the hotel bar?

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I think I've hit the threshold where the number of foursquare checkins I have at airports went from being cool to depressing.

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I want to switch to one of the top 3 firms (McKinsey/BCG/Bain) - hoping for an honest answer - do you guys do lateral hiring from other consulting firms at associate level?

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Ed Sheeran would be good at cases - Thinking Out Loud

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Team dinner? More like, Let's sit around for four hours and do nothing while the introvert shrivels up and dies.

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When you’re on a weekend emergency call and all 12 people come off mute and try to talk at the same time.

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when I was giving advise to a friend that its possible to do anything you want in life - he spots a man in front of marshalls 's literally Peeing and points at the man's dick and says "yes, I can"

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How do people eat healthy on the road? Room service is starting to lay on the pounds

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I wonder which lucky firm(s) would get Fiorina's zero-based budgeting project

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