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Author: punsun Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75810  
Subject: Can I contribute to an IRA while working abroad? Date: 12/4/2002 12:31 PM
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Hi everyone!

I'm brand-spanking-new here, so be gentle. I tried to search the FAQ's, and even read the All About IRA's article - but it still wasn't completely clear...

I recently married and moved abroad with my husband. I've JUST BEGUN getting a grip on our finances, and since we're already in heavy debt, I've just begun contributing to an efund, and thinking about retirement planning. I'm almost 27, DH is 29.

DH has an IRA. I don't.

However, I am no longer living or working in the US. I now work for a foreign company, but still have a US billing address, US bills, US bank accounts, credit cards, and US debt. This is a temporary situation - we plan to live abroad for maybe another year or so. My question is, does anyone know if I can open an IRA account NOW and begin contributing to it? We DID file taxes in the US for 2002 (so that's yes, right??).


Thanks in advance!
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Author: TMFPixy Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 35287 of 75810
Subject: Re: Can I contribute to an IRA while working abr Date: 12/4/2002 1:12 PM
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Greetings, Punsun, and welcome. You asked:

I am no longer living or working in the US. I now work for a foreign company, but still have a US billing address, US bills, US bank accounts, credit cards, and US debt. This is a temporary situation - we plan to live abroad for maybe another year or so. My question is, does anyone know if I can open an IRA account NOW and begin contributing to it? We DID file taxes in the US for 2002 (so that's yes, right??).

IRA contributions are allowable when you declare earned compensation (i.e., income from a job or self-employement) on your US income tax return and do not exclude that income because you are working overseas. Therefore, if you declare such income on your return, then you may make an IRA contribution. OTOH, if you take advantage of the foreign income exclusion for income tax purposes and have no other job income to declare, then you may NOT contribute to an IRA.

Hope that helps.

Regards...Pixy

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