Message Font: Serif | Sans-Serif
No. of Recommendations: 1
Hi! I think I know the answer to this but I just want to be sure...

I'm a stay-at-home mom, but I do have a small cosmetics business (self-employed) and a small part time job. My question is because I have earned income ( even if it's less than 2K/yr) I have to fund an IRA with my earnings, that is my husband can't fund it for me as a stay at home mom, right? So if I only make 1200 that's all I can add to the IRA?

I'm trying to add this to the decision on whether it's better not to have this part time job.

I know my self employed income could be covered under a SEP/IRA or something similar. Is it worth it for very small amounts? Can it be used in addition to a ROTH? Am I limited to the 2K contribution limit ( as in 2k minus what I put into the SEP? )

This is all new to me, so if I missed any obvious questions, please feel free to add those comments in as well.

Learning While I'm Earning,
Always ;-)
Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
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.