Unlock the full potential of your Roth IRA by understanding its requirements and avoiding common pitfalls. One key requirement is earning income in the contribution year, a rule that applies even if you’re setting up a Roth IRA for your child. Jonathan Gassman, CPA and principal at Prager Metis, recently featured in US News & World Report’s “7 Common Mistakes to Avoid with a Roth IRA” emphasizes the importance of taxable compensation: it’s the gateway to contributing to a Roth IRA. Read more here
