- Joined
- Nov 24, 2006
- Messages
- 181
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Hi-
So I'm in the fortunate situation where I have extra money right now, even though I'm a 4th year who is about to enter residency in June. I had a house that I just sold and I will end up with about $25K net from it, but I am not going to buy a new house yet because my couples match partner is doing a transitional year and I'm going to wait for that person to come out to the area before we buy a house, because I want a short commute in the meantime and I'm just going to rent a cheap apartment and save my pennies. So yes, I want to save the majority of that for when we can buy a house. However. I also have a Roth IRA that's been sitting around gathering dust while I've been in med school not earning an income.
Can I contribute to my Roth IRA legally with the money I net from the house? Is that 'taxable income'? I've never sold a house before so I don't really know the tax ins and outs of it. And obviously there is only a little time to be able to make a 2006 contribution to the IRA. So, what's the deal?
So I'm in the fortunate situation where I have extra money right now, even though I'm a 4th year who is about to enter residency in June. I had a house that I just sold and I will end up with about $25K net from it, but I am not going to buy a new house yet because my couples match partner is doing a transitional year and I'm going to wait for that person to come out to the area before we buy a house, because I want a short commute in the meantime and I'm just going to rent a cheap apartment and save my pennies. So yes, I want to save the majority of that for when we can buy a house. However. I also have a Roth IRA that's been sitting around gathering dust while I've been in med school not earning an income.
Can I contribute to my Roth IRA legally with the money I net from the house? Is that 'taxable income'? I've never sold a house before so I don't really know the tax ins and outs of it. And obviously there is only a little time to be able to make a 2006 contribution to the IRA. So, what's the deal?