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 122486|
[[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...
Want to learn more about taxes and investing? Then we have a deal for you!! The Motley Fool Investment Tax Guide is now available through Fool Mart. Be the first one on your block to own this masterpiece. There is still time available to do that tax planning (and tax saving) before the end of the year. So just click on this link (http://www.foolmart.com/market/product.asp?pfid=MF+013+I) to read more about this amazing collection of tax information. (Apologies for the shameless plug…but it is a pretty good book…if I do say so myself). In addition, if you would like to visit the Taxes FAQ (Frequently Asked Questions) area, click on http://www.fool.com/school/taxes/taxes.htm and you'll be right at the home page. Pay special attention to the "archives" section. Check it out. Finally, if you need to get to the IRS web site, click on http://www.irs.ustreas.gov to go directly there.
|Copyright 1996-2015 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|