The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Roth eligibility||Date: 12/8/1998 10:13 AM|
|Author: TMFTaxes||Number: 6887 of 121096|
[[A while back I think there was a message that suggested that a spouse with no earnings cannot
open a Roth IRA even though the working spouse earns enough to allow a regular (non-Roth) IRA
for the spouse. Is this correct?]]
Nope. It sure isn't Rusty. You are certainly able to open a "spousal" Roth IRA as long as you have the required earned income (at least $4k), and are under the required AGI limitations for a Roth IRA contribution.
[[ I thought that regardless of what type of IRA (deductable,
non-deductable or Roth) a non-working spouse of a working person that earns over $4000 could
open ANY kind of an IRA.]]
That is basically correct. You can certainly have a "spoual" regular IRA under ANY circumstances. Whether it is deductible or not is a separate issue. And, in order to have a spousal Roth IRA, you must meet the AGI limitations.
You're welcome, Rusty. Hope this helps...
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