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Financial Planning / Tax Strategies
|Subject: Roth IRA and foreign income||Date: 1/23/2004 3:17 AM|
|Author: cheezyches||Number: 68790 of 124765|
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?
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