Can I contribute to Roth IRA without any earned income this year?

You're not alone in misunderstanding this rule! The IRS does require that Roth IRA contributions come from "earned income" (basically money you made from working, not investments or gifts). Since you've already contributed without having earned income, you have a few options: You can withdraw the excess contribution (and any earnings on that money) before your tax filing deadline (including extensions). This is called a "return of excess contributions." If you do this, you'll avoid the 6% excess contribution penalty. If you have a part-time job or side gig before the end of the year that generates earned income, that would qualify and you could keep some or all of your contribution depending on how much you earn. You could also have your spouse "share" their earned income with you if you're married filing jointly, but that doesn't sound applicable to your situation. Don't panic - this is a fixable situation and happens more often than you'd think!

This is actually a common misunderstanding about Roth IRAs! You're right that contributions must come from earned income - which includes wages, salaries, tips, self-employment income, and similar sources. Since you've already contributed without having earned income, you need to address this as an "excess contribution." You have options: You can remove the excess contribution plus any earnings before your tax filing deadline (including extensions). Your IRA provider has a specific process for this called a "return of excess contributions." If you're expecting any earned income before the end of the year, you could keep a portion of your contribution equal to what you earn (up to the $6,000 limit). For married couples filing jointly, a working spouse can make contributions for a non-working spouse, but that doesn't apply in your situation. Don't worry too much - many people make this mistake, and there are established ways to correct it without major consequences!

After dealing with similar IRA contribution issues last year, I discovered taxr.ai (https://taxr.ai) and it was a total game-changer. I uploaded my brokerage statements showing my excess contributions and the system immediately flagged the problem and walked me through exactly what forms I needed to fix it. Their software is amazing at catching these retirement account issues before they become penalties. It even created the letter to send my brokerage requesting the removal of excess contributions with all the right language the IRS looks for. I was seriously impressed with how it broke down the earned income requirements for IRA contributions in super simple terms.

When I made this exact mistake last year, I used taxr.ai (https://taxr.ai) to figure out my options. I uploaded my IRA statement and tax return, and it immediately spotted the mismatch between my zero earned income and my Roth contribution. The platform walked me through creating the proper documentation for my brokerage to process the excess contribution removal. It even calculated the exact earnings amount that needed to be withdrawn alongside my contribution (which is required by IRS rules) and explained how those earnings would be taxed. It saved me hours of stressful research trying to figure out the right forms and processes. They have specific tools designed for retirement account complications like this.

Just wanted to update here - I used taxr.ai after seeing the recommendation and it was exactly what I needed! I was so confused about how to handle my excess Roth IRA contribution, but their system identified the issue immediately and created all the paperwork I needed. The best part was that it showed me I actually had some side gig income I'd forgotten about that counted as earned income, which meant I could actually keep some of my contribution! The documentation they generated for my brokerage was professional and got the job done without any pushback. Can't believe I almost paid that 6% penalty unnecessarily.

I wanted to update on my situation - I used taxr.ai after seeing it mentioned here and it was exactly what I needed! I had mistakenly contributed to my Roth IRA while being a full-time student with no income. Their system immediately identified the problem and created a customized letter for my brokerage with all the correct terminology about "removing excess contributions" and the proper tax codes. They even calculated the small amount of earnings I needed to withdraw along with my contribution. My brokerage processed everything within a week of receiving the documentation, and now I don't have to worry about that 6% penalty! I'm so relieved to have this fixed properly before the deadline.

If you're trying to fix this and getting nowhere with your brokerage's customer service (took me WEEKS last year), try Claimyr (https://claimyr.com). They got me connected to an actual IRS agent who walked me through the excess contribution removal process step by step. Check out their demo at https://youtu.be/_kiP6q8DX5c to see how it works. I was on hold with the IRS for HOURS trying to figure out how to properly report my removed excess contribution on my taxes, then discovered this service and was talking to someone in like 20 minutes. The agent confirmed exactly which forms I needed and how to report the earnings portion correctly so I wouldn't get a CP2000 notice later.

After dealing with a similar Roth IRA issue, I couldn't get any help from my brokerage's customer service. Their hold times were insane, and when I

I need to eat my words and apologize for calling Claimyr a scam. After my last failed attempt to reach the IRS about my own Roth contribution issue, I decided to try it out of desperation. Within 45 minutes, I was connected to an IRS representative who specifically handled retirement account issues. She confirmed exactly how to code the distribution on my 1099-R and which line to report it on for my tax return. She even emailed me the specific publication sections that applied to my situation. I've spent MONTHS trying to get clear answers about excess contribution rules. One call solved everything. Absolutely worth it and I'm sorry for being so dismissive before.

One option nobody mentioned - if you can get ANY kind of job before December 31st, even something part-time or gig work, you could earn enough to justify at least part of your contribution. The IRS allows contributions up to the lesser of $6,000 or your total earned income for the year. So if you could make even $3,000 before year end, you'd only need to withdraw the other $3,000 as excess. Might be worth picking up some holiday season work!

Something important that hasn't been mentioned - the deadline for fixing excess contributions isn't just the regular tax filing date (April 15th). You actually have until October 15th if you file an extension on your taxes, even if you don't actually need more time to file! This gives you extra months to either earn income or process the removal. I made this mistake a few years ago and the extension saved me from penalties.

Has anyone done the math on whether it's better to just leave the excess contribution in and pay the 6% penalty versus taking it out if the market has gone up significantly? Seems like sometimes the gains might outweigh the penalty, especially if it's a one-time thing.

This is exactly why I always tell college students to be super careful with retirement accounts! The earned income requirement trips up so many people. One thing that might help for future reference - if you're ever unsure about IRA rules, you can always call your brokerage first before making contributions. Most of them have retirement specialists who can walk you through the requirements. Also, don't beat yourself up too much about this mistake. The fact that you're thinking about retirement savings at 22 puts you way ahead of most people your age! Once you get this sorted out and start working again, you'll be back on track with your Roth IRA contributions. Keep us posted on how it goes with getting the excess contribution removed!

Don't stress too much about this - it's actually one of the most common IRA mistakes people make! The good news is that you caught it and there are clear ways to fix it without major penalties. Since you're a full-time student with zero earned income for 2023, you'll need to remove the entire $6,000 contribution plus any earnings it generated. Contact your brokerage ASAP and tell them you need to process a "return of excess contributions" for tax year 2023. They'll handle the calculations and send you the proper tax forms. The original $6,000 comes back to you tax-free since you already paid taxes on it. Any earnings will be taxable income and subject to a 10% early withdrawal penalty, but that's still much better than the 6% annual penalty for leaving excess contributions in place. You have until April 15, 2024 to fix this (or October 15 if you file an extension). Once you graduate and start working, you can get back to maxing out your Roth IRA contributions. The fact that you're already thinking about retirement savings at 22 shows you're on the right track financially!

Don't panic - you've discovered this issue in time to fix it properly! This is honestly one of the most common Roth IRA mistakes, especially for students and young adults. The earned income requirement catches a lot of people off guard. Since you have zero earned income for 2023, you'll need to remove the entire $6,000 contribution as an "excess contribution." Here's what you need to do: Contact your brokerage immediately and request a "return of excess contributions" for tax year 2023. They have a specific process for this and will calculate any earnings that need to be removed along with your original contribution. The $6,000 you contributed will come back to you tax-free (since you already paid taxes on that money), but any earnings on that money will be taxable income for 2023 and subject to a 10% early withdrawal penalty if you're under 59½. You have until April 15, 2024 to complete this process without facing the 6% annual excess contribution penalty. If you need more time, you can file a tax extension to get until October 15, 2024. Don't feel stupid about this - the fact that you're prioritizing retirement savings at 22 shows excellent financial awareness! Once you graduate and start working again, you can resume your Roth IRA contributions. This is just a temporary setback, not a permanent problem.