Ask Experts Questions for FREE Help !
Ask
    DAVE231's Avatar
    DAVE231 Posts: 91, Reputation: 9
    Junior Member
     
    #1

    Jun 19, 2005, 03:41 PM
    Roth IRA Question
    Does anyone know whether I can continue to contribute to a Roth IRA while I am collecting unemployment benefits? Hopefully it won't be for long. Am still paying taxes on unemployment benefit check.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
     
    #2

    Jun 20, 2005, 05:55 AM
    Dave321:

    If you have earned at least $3,000 in tax year 2005, then you can contribute that much to your ROTH IRA. The restriction is the amount of EARNED income you make. Unemployment compensation is NOT earned income and does not qualify for ROTH IRA contributions.
    DAVE231's Avatar
    DAVE231 Posts: 91, Reputation: 9
    Junior Member
     
    #3

    Jun 22, 2005, 04:40 AM
    Thank you Atlanta. I appreciate it. Dave.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
     
    #4

    Jun 22, 2005, 06:45 AM
    That's what I am here for.

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!

Roth IRA contributions [ 1 Answers ]

I have contributed $4000 in my Roth IRA for 2006. Now I find out that it would be better for me to pay the income tax on an inherited annuity rather than having the estate pay the higher income tax rate. The annuity will be about $175,000, and that would put me over the limit for contributing...

Roth Ira Transfer [ 1 Answers ]

I would like to open a Roth IRA 6 Month CD account. After the CD matures, how do I move the funds to another Bank if the rates are better elsewhere without triggering a taxable/penalty event? Thank you , Rich

Roth ira question [ 7 Answers ]

Hi. Can anyone tell me about penalties and taxes due on a withdrawl from a ROTH IRA at age 58? Account has been open since 1998 when it was rolled over from a 401k and taxes paid on the rollover. Is it just earnings that are taxable? Must you be 59 1/2 to avoid a penalty? Can't seem to get a...

Roth IRA Limits [ 1 Answers ]

I contribute to a Roth IRA currently. The amount I contribute is reduced based on my AGI. I have been able in the past to compute the max amount I'm allowed to contribute. However, I plan on getting married this year and I am trying to figure just how this will impact my/our contributions to the...


View more questions Search