Hey /r/personalfinance,
I'm looking to start investing my money instead of having it just sit in my bank account doing nothing. So far I have an emergency fund setup and separated. I am currently a college student that only has day to day expenses (parents are paying for my tuition.) What i'm trying to figure out is what does opening up an IRA do for my tax situation? Currently I do not file any taxes of my own, but I do have an income from some online work I have done. If I were to open a Roth IRA (nontraditional?) would I have to start reporting taxes on my own or would it not matter? I have money saved up from my entire life so I have quite a big build up. I'm looking to max out my IRA every year and then send the rest of the money to my parents to undercut tuition costs.

Anyways, thanks for reading my post, let me know if you have any suggestions!
user
Is it worth starting an IRA for my tax situation?
assistant
Hey /r/personalfinance,
I'm looking to start investing my money instead of having it just sit in my bank account doing nothing. So far I have an emergency fund setup and separated. I am currently a college student that only has day to day expenses (parents are paying for my tuition.) What i'm trying to figure out is what does opening up an IRA do for my tax situation? Currently I do not file any taxes of my own, but I do have an income from some online work I have done. If I were to open a Roth IRA (nontraditional?) would I have to start reporting taxes on my own or would it not matter? I have money saved up from my entire life so I have quite a big build up. I'm looking to max out my IRA every year and then send the rest of the money to my parents to undercut tuition costs.

Anyways, thanks for reading my post, let me know if you have any suggestions!
user
What does closing my Roth IRA do for my tax situation? EDIT: If you
assistant