The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies


Subject:  Roth IRA and foreign income Date:  1/23/2004  3:17 AM
Author:  cheezyches Number:  68790 of 127616

Hi all,

Two years ago (2002) my wife and I opened up a Roth IRA and made 2002 contribution. Halfway through the year however we moved to South Africa for a two-year work contract. We earn a salary that is taxed by the South African government (so it should quality as earned income). We also claim the salary on our tax return, however we are able to claim a "foreign earned income exclusion" which allows us to not pay U.S. taxes on the income. For the 2003 tax year, we all of our earned income was made in South Africa.

We would like to make a 2003 contribution, but cannot quite tell if it is legal. Does anyone know the answer to this one, or a place I could go for the answer?

thank you,

Copyright 1996-2018 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us