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Financial Planning / Tax Strategies


Subject:  roth problem, no earned income, advice? Date:  2/7/2007  5:58 AM
Author:  549549 Number:  91813 of 129521


At the beginning of 2006 my wife and I both made contributions to our Roth IRAs totaling $8000.

At the time there was no way for me to know that we would end up effectively having zero earned income for the year 2006.

I am certain that I must address this, but do not know how to do so. I have tried the IRS website but did not find any answers.

Any tax savvy fools who know what I need to do to correct this? What are the rules, my options?

Note to self: make sure you have minimum earned income of 8000 in 2007 in order to get the benefit of the Roth.


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