My only source of income this year is interest from a bond fund. Can that income qualify to open a Roth IRA? You must have earned income to contribute to an IRA. This is from the IRA FAQ on TMF ( www.fool.com/money/allabout iras/allaboutiras09.htm ):5. Q: I'm retired and drawing Social Security. Can I contribute part of my Social Security benefits to a Roth IRA account?A: Nope. Sorry. In order to make a Roth IRA contribution, you must have earned income. Earned income is generally income that you receive from working as compensation for your labor in one form or another. It's reported to you on a W-2 form, or you file Schedule C (Business Income) with your normal tax return. Earned income generally does not include Social Security benefits, pensions, interest, dividends, rental income, or capital gains.
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