[[We currently have a 401-K account at work. I am considering opening a Roth IRA for myself and my wife. My wife has taken early retirement due to disability. She currently receives Social Security, disability income from an insurance policy and early retirement pension income. I am fully employed. Does any of my wife's income prevent us from using the $4000/yr Roth contribution?]]Nope. Part of her Social Social (up to 85%) may be subject to income taxes, based upon your total income. But simply receiving SS benefits, or annuity benefits, or any other type of benefits will not impact your ability to make a Roth IRA contribution.The only restrictions regarding Roth IRA contributions is the earned income limitation and the AGI limitation. You can read more about those limitations in my series of posts on the Roth IRA in the Taxes FAQ area. You might want to check it out.TMF TaxesRoyWant to learn more about taxes and investing? Then we have a deal for you!! The Motley Fool Investment Tax Guide is now available through Fool Mart. Be the first one on your block to own this masterpiece. There is still time available to do that tax planning (and tax saving) before the end of the year. So just click on this link (http://www.foolmart.com/market/product.asp?pfid=MF+013+I) to read more about this amazing collection of tax information. (Apologies for the shameless plug…but it is a pretty good book…if I do say so myself). In addition, if you would like to visit the Taxes FAQ (Frequently Asked Questions) area, click on http://www.fool.com/school/taxes/taxes.htm and you'll be right at the home page. Pay special attention to the "archives" section. Check it out. Finally, if you need to get to the IRS web site, click on http://www.irs.ustreas.gov to go directly there.
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra