sofakngdom
Apr 15, 2008, 07:38 PM
I am a US citizen currently working overseas for a small company that has no US affiliate (or any other ties). I am earning less than 100000 USD annually. I would like to contribute to my IRA but it requires I have EARNED INCOME. Does foreign income not qualify as EARNED INCOME?
I believe if I chose to contribute I will be penalized on that contribution. Is this a one time fee or will it be applied to the contribution for the life of the IRA?
Thanks in advance.
I believe if I chose to contribute I will be penalized on that contribution. Is this a one time fee or will it be applied to the contribution for the life of the IRA?
Thanks in advance.