Skip to main content
No. of Recommendations: 0
I think I know the answer to this question (yes), but I'm not 100% sure. The question is: Can my wife open a $2K Roth IRA? Here is the situation. She lost her job in Dec of 1997, however she did not have her 'official' termination until mid Jan 1998 due to a screwup at the company. At that time she receive her vacation pay (about $800) with some 401k money taken out. She also had her pension rolled into an IRA early in 1998. The only money she has receive in 1998 (other than the amount at termination) is about $5.5K in unemployment compensation. BTW, she still has the 401k with the former company. If I read the IRS's IRA publication correctly, even with no pay in 1998, she can still have a $2000 IRA. I make over the $4K needed to have a full $2K spousal IRA for her and a $2K IRA for myself. I am concerned that the pension or 401k she had in 1998 might be a problem. Can she have a Roth IRA?


Rusty Nelson
Print the post  


The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.