The Motley Fool Discussion Boards

Previous Page

Personal Finances / Fools and Their Money

URL:  https://boards.fool.com/im-a-work-at-home-housewife-with-no-reportable-13387654.aspx

Subject:  Re: IRA FOR ME Date:  9/28/2000  3:29 PM
Author:  TMFJeanie Number:  6142 of 15438

I'm a work at home housewife with no reportable earned
income.Where should I be putting my "rainy day money" that I do
not need for 15-20 years? Would a Roth IRA or traditional IRA
be my best investment?



If your spouse has reportable income and you file jointly, then you may contribute a maximum of $2000 to an IRA. Since your contribution will not be deductable, you might as well put in a Roth IRA, provided your husband's income is not over the maximum allowed for a Roth.

With either IRA, as a general rule, you cannot tap those funds until age 59 1/2 without taxes and penalities (there are some exceptions to this).

For more details, check out
All About IRAs at
http://www.fool.com/money/allaboutiras/allaboutiras.htm

Hope this helps :-)


Jeanie

Copyright 1996-2019 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us