Welcome back to Finance Friday. It's another special edition of Money Girl where I answer

your burning money questions. Today's topic comes from Christina T who says,

I'm a junior in college and have earned several scholarships and a stipend to pay for school.

I've been able to save some of that money and want to open a Roth IRA to

jumpstart my future. But I understand you can only have a Roth IRA when you have earned

income and I'm not working.

My stipend is taxable income because I receive a 1099 miscellaneous form for tax filing.

Would that income allow me to open a Roth IRA?

Thank you for this great, great question, Christina, and congratulations on earning money to pay for college.

I love that you're already thinking about your future financial well-being and

opening of Roth IRA. You are light years ahead of where I was at your age. So this

podcast will review who can contribute to an individual retirement account or IRA

based on the types of income you or a spouse receives. Welcome back everyone. Thanks for joining me on episode 873.

I'm Laura Adams, an award-winning author, finance spokesperson, money speaker, founder

of the Money Stack, which is a sub-stack newsletter and host of the Money Girl

Podcast with over 43 million downloads. Do us a favor and hit that subscribe

button and consider submitting a five-star rating or review on your

podcast app if you're getting value from the free content we love creating here and

if you have a question about money,

leave it on our voicemail at 302, 364, 3308. You can always

send me an email and sign up for the free money stack newsletter at Laura D atoms.com.

All right so let's start with a little primer about IRAs. An IRA is an account where you own assets like investments that get

...