The ING Direct Retire MyWay promotion is currently offering a $50 IRA account opening bonus, valid through February 7, 2011.
Update: This offer has expired, but there is a new ShareBuilder IRA Account Bonus available that offers 25 free Automatic Investment Plan credits.
Open an FDIC-insured ING Direct IRA account, either savings or CD, with no fees or minimums, and ING Direct will provide you with a $50 account bonus.
Here’s How To Get Your $50 ING Direct IRA Bonus
1. Open an FDIC-insured IRA account (savings or CD).
2. Deposit $200 into your account by February 7, 2011.
3. Get a $50 bonus (the bonus counts toward your 2011 IRA contribution limit).
Visit retiremyway.com/50 today to get a $50 cash bonus when you open an IRA account from ING Direct.
ING Direct IRAs are FDIC-insured for up to $250,000.
ING Direct IRA Account Bonus Details
Open a new FDIC-insured Individual Retirement Account (savings or CD) and deposit $200 by February 7, 2011.
A $50 bonus will be paid into your new IRA savings account by February 28, 2011.
The bonus will be considered a 2011 contribution and counts towards your annual IRA contribution limit.
The bonus will be reported to the IRS on form 5498.
You must have earned income in 2011 to qualify.
Take advantage of this $50 IRA account bonus from ING Direct.
You may also be interested in these additional Investment Account Promotions to earn more bonus cash when you invest your money.
Open an ING Direct Retire MyWay account to get a $50 investment bonus.
4 Responses to 'ING Direct Retire MyWay $50 IRA Account Bonus Offer'
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Can someone please clarify what does it mean “You must have earned income in 2011 to qualify.” I’m confused how do they figure this out? Does it depend on the IRS or ING Direct? I’ve been unemployed for a year and just freelancing and kind of earning a little money here and there under the table. Does this mean I don’t qualify for this bonus?
Thanks for any further insight into this..
Hello Mary,
In regards to your question, I called the telephone number given on the promotional page and received this answer from the ING Direct customer service representative.
It’s not that you need to have earned income in 2011 to open the IRA account now or to earn the $50 bonus from ING Direct.
It’s that the IRS requires you to have earned income in order to contribute to your IRA account.
Since the $50 bonus will be applied toward your IRA contribution in 2011, you must have earned income in 2011 for that contribution to qualify.
Otherwise, the IRS will make you take the money back and not allow you to contribute in 2011 without any earned income.
I’m not a tax expert, but I did some follow-up research, and here’s some additional information from Wikipedia.
“To be eligible (to contribute to your IRA), you must meet the earned income minimum requirement.
In order to make a contribution, you must have taxable compensation (not taxable income from investments).
If you make only $2000 in taxable compensation, your maximum IRA contribution is $2000.”
So accordingly, you would need at least $50 in earned income to have the $50 bonus properly contributed to your IRA for 2011.
If you’re freelancing and not really making too much money, it’s probably worth claiming on your taxes, as you’re not going to be taxed on a really low amount of income either way, plus you won’t have to worry about Uncle Sam catching up with you in the future.
Then you’ll also be able to contribute to your IRA account with the $50 ING Direct IRA bonus.
Anyway, I’m not a tax expert as I stated, but I hope this helps.
Max
Do you have to open an IRA or can you open an Roth IRA and get the $50 bonus?
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