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I have a monthly non taxed income of $600 per month coming in...how much can i put in an IRA?

I seem to disagree with the tax gurus, so that probably means I'm wrong so here goes.

You can contribute $2000 to an IRA, and your wife can contribute $2000 to an IRA if you meet certain income limits, or $2000 to a roth IRA for each of you if you meet higher income limits, IF you and your wife have $4000 a year or more in earned income.

So, if the $600 per month is your only income, you can't open an IRA because you have no earned income.

If, instead, you and/or your spouse have jobs and some amount of earned income you can put that much money in IRAs.

Have I helped or only confused?

-Megan

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