I was just talking to a friend of mine, and he told me something that got me thinking.

He opened an IRA in December for the first time. This is all fine and dandy. The problem is that his wife opened it for him and she put it in her name. As she was a full-time student in 1999 she did not have any earned income. He has earned income.

I know that you have to have earned income to contribute to an IRA, so what should they do in this situation?

Thanks,
Mark :-)