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2006-10-06 12:07:05 · 7 answers · asked by nwafanusa1 2 in Business & Finance ➔ Investing
No. It must not only be taxable, but it must be earned income. Interest and dividends do not quailify.
2006-10-06 12:28:15 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You can contribute to a traditional IRA if you or your spouse (filing joint) receive taxable compensation durning the year and you were not 70 1/2 by the end of the year. Basically, any amount that you exclude from income will not qualify. The rules are the same for Roth IRA's
You may find additional helpful information at www.paynotaxesforlife.com
2006-10-06 19:54:21 · answer #2 · answered by Pay No Taxes For Life 2 · 0⤊ 0⤋
Great Idea!
You can put $4000 per year into a Roth IRA, and have tax free money making tax free gains!
Check with the IRS to make sure though! Don't trust something so important to strangers, check it yourself.
http://www.irs.gov/publications/p590/index.html
2006-10-06 20:25:01 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Are you refering to the ablility to make contributions to an IRA? If so, then the answer is NO....you can't contribute new money to an IRA.
However, the money you have in an IRA, you CAN invest that money.
2006-10-07 13:34:27 · answer #4 · answered by derek 4 · 0⤊ 0⤋
A financial planner could probably point you into to a retirement investment option for your situation.
2006-10-06 19:14:35 · answer #5 · answered by limgrn_maria 4 · 0⤊ 0⤋
I don't think you can,because I get Soc. Sec. & a Pension & I can"t do it.
2006-10-06 19:12:12 · answer #6 · answered by Tired Old Man 7 · 0⤊ 0⤋
NO!! It must be EARNED income.
2006-10-06 19:43:36 · answer #7 · answered by Chuck 1 · 0⤊ 0⤋