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Hi,
Been reading the boards for a little bit but finally joined. So this is my first post.
My question is on the eligibility requirements for IRA contributions. I am currently unemployed (by choice) and have no earned income from an employer for 2003. I will have capital gains, dividend, interest income though. In reading the IRA info, it appears that I must have "earned income" to contribute to my IRA's. Just to be sure, does that mean I cannot contribute to my IRA's this year?
Mike
No. of Recommendations: 0
In reading the IRA info, it appears that I must have "earned income" to contribute to my IRA's. Just to be sure, does that mean I cannot contribute to my IRA's this year?
That is correct. In simple terms, you need a W2 or a schedule C (with net income) to contribute to an IRA.
One way out - are you married? If so, and if your spouse is working, you can contribute to an IRA based on your spouse's earned income.
--Peter
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It is too bad. The only income I have had this year is rental income, capital gains, dividends, etc. Maybe I should go find a holiday job for a couple of weeks.
Are there other options for someone in my position for putting some money away for retirement this year? I have my existing 401K and IRA. Just don't want to miss this year's opportunity to put some away.
Mike
No. of Recommendations: 0
