Message Font: Serif | Sans-Serif
No. of Recommendations: 0
If you are able to exclude ALL of your wages under this [Foreign Earned Income] exclusion, you don't have any taxable wages and can't make an IRA contribution at all.

My experience has been the compensation for living expenses that count as income more than offset any benefit to this exclusion. But thanks, this is good to know how it affects IRAs.

If your concern is whether you're going to meet the Roth income limits, you can also fix that one until October 15 if you make a Roth contribution and it turns out you weren't eligible because of MAGI.

Yes, that's my concern. Last year I made a non-deductable IRA contribution for myself and split a IRA/Roth contribution for my wife.

Since another firm is doing my taxes, I want to choose the simpler route. I think the simplest then would be traditional IRA contributions for both of us, then determine later how much (if any) is tax deductible

Does that sound right?
Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.