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Author: thewheel360 Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75878  
Subject: Roth IRA eligible? Date: 2/15/2007 6:40 AM
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I originally posted this question in Ask a Foolish Question, Board. I realize now that this is the place to be.

Background:
In July 2006 I began working for a U.S. company overseas. I did not have any earned income in the U.S. the first 6 months of 2006. I am paid by an overseas payroll which allows me to qualify for the foreign earned income exclusion by meeting the physical presence test requirements. If I am overseas for 330 days during a period of 12 consecutive months, then my earnings are tax-free up to $82,400.

My question is, am I eligible to open a Roth IRA and make maximum contributions for 2006 (before April 15, 2007) and 2007 if I have no tax liability for 2006?

I am not eligible for my company's 401K and my taxable income is well within the maximum income limits for Roth IRA eligibility.

Thanks for the guidance.

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