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Author: JAFO31 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75383  
Subject: Re: Very basic question about IRA's Date: 2/1/2000 4:43 PM
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<<<<You cannot make annual contributions of up to $2K unless you have earned income from a job. However, you may make rollover contributions at any time from other qualified plans like a pension or 401k. Therefore, you may transfer your pension money to an IRA. You just can't contribute to an IRA out of your pocket unless the money you use to do so came from a job.>>>>

I dislike quibbling with TMFPixy, but an important (IMO) caveat was omitted from his first sentence (and the last sentence, too).

"You cannot make annual contributions of up to $2K unless you have earned income from a job, unless you are married to a spouse who has earned income that qualfies for contribution to a spousal IRA.

Just my $0.02. Regards, JAFO

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