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Financial Planning / Tax Strategies
|Subject: tax question||Date: 8/19/2013 1:27 PM|
|Author: lindytoes||Number: 119034 of 121256|
This is probably a question you might have answered a billion times but I don't come to this board often. I just called the IRS, finally got a live human being after about 20 minutes who transferred me to someone who could help with foreign earned income, and then I was cut off. So I decided to ask a question here.
My daughter just started teaching in Vietnam this month. The rest of the year (since January 1, 2013) she was teaching and living in Panama. She was just home here in the US for a visit of 31 days which should put her in the 330 day category: "A U.S. citizen or a U.S. resident alien who is physically present in a foreign country or countries for at least 330 full days during any period of 12 consecutive months."
I guess that money is foreign earned income as far as the IRS is concerned (I am just learning about this stuff).
My question: can she put money from Vietnam into an IRA that she established in this country? She has money in a checking account in this country that she deposited from earned income from Panama. Can any of that be deposited into an IRA?
What are her options?
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