Step 0: Open a Traditional IRA if you haven't already. I am also assuming you have an existing Roth IRA with Schwab.
Step 1: Transfer money into the Traditional IRA. If you are transferring from an outside bank, it takes a few days. If you are transferring from a Schwab Checking, it is instant.
https://client.schwab.com/app/accounts/transfers/
Step 2: IMMEDIATELY convert it to the Roth IRA by using this link:
https://client.schwab.com/Accounts/RothConversion/RothIraConversion.aspx
When it asks if you'd like taxes withheld, decline it.
(Transfer it immediately so it doesn't accrue interest)
Step 3: Invest the money into mutual funds or whatever you like
Step 4: When tax time comes around, make sure to do Form 8606 so you aren't double taxed. Nearly all tax software should have this.
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