Ask Experts Questions for FREE Help !
Ask
    emaxm's Avatar
    emaxm Posts: 1, Reputation: 1
    New Member
     
    #1

    Jan 17, 2007, 12:24 PM
    Ira for retired with no earned income
    Retired with income from investments, social security and pension. Can I invest in a roth or regular ira?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
     
    #2

    Jan 17, 2007, 03:49 PM
    In order to fund ANY IRA (Roth or traditional), you MUST have EARNED INCOME. Income from investments, Social Security ot Pension does not qualify.

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Can I claim earned income for my child that is a US citizen with an ITIN? [ 3 Answers ]

My husband has been living in the US for 16 years and is still illegal. Can he clain earned income on his taxes with an ITIN?

Earned Income Credit [ 1 Answers ]

Hi ATE, I am an Indian national who entered US on F1 visa in Aug 2002 and am currently on OPT. I have been filing my tax returns all these years using cintax software which used 1040NREZ and 8843. I graduated in May 2005 and have been on OPT since then. I worked on F1 visa till May 2005...

Whereabouts of retired boxers [ 6 Answers ]

Does anyone know a email, mail, phone, address, or site I can find out where some great oldtime boxers are located. I know that there are Veteran's Boxers Assoc. out there but I do not know the Web sites, or emails. Please advise.

1099-MISC income and IRA elgibility [ 3 Answers ]

This year for the first time, I received all of my income from pension (30K), 1099-MISC (subcontractor) (60K) and capital gains from the sale of a house (100K+) Does this mean that I can not get either a traditional IRA or a ROTH IRA because I have no "earned income"? Is there any other tax...

Retired Service Dogs? How to find them. [ 2 Answers ]

I've always loved the labs. Since I'm too old to take on any more puppies, I was thinking that when my Cricket (Springer mix) goes, I'd like to see about adopting a retired service dog. How does one find them? About what age are they retired. Is there anything we need to know before getting...


View more questions Search