2007-02-10 15:32:53 · 5 answers · asked by Alfie F 1 in Business & Finance ➔ Taxes ➔ United States
Yes, assuming that you have earned income. If your only income is unearned income (investments, real estate, etc.) then you cannot contribute to an IRA.
2007-02-10 15:41:03 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 1⤋
It should be noted that if you have earned income, you can only contribute the lower of your earned income or the IRA contribution limit for the year. Also, if you are retired but your spouse still works, then you can contribute to an IRA. You may have to file married filing jointly. Check IRS publication 590 for more details. You can access it from irs.gov and searching the forms and publications.
2007-02-11 09:40:35 · answer #2 · answered by ajillity 3 · 0⤊ 0⤋
Wow, lucky you! I could have retired at 55 too with a full pension, but kids came along and I drained mine and now, well hey, it's scary to think about retirement at all...not working now but my guess is as soon as I can I'll be doing it till the day I die unless I find a "sugar daddy". LOL Hubby will be off golfing for all of eternity I'm sure...not my cup of tea so hey, gonna worry about that stuff when and if it happens.
Not sure what an IRA account is...I'm Canadian. Talk to your bank manager about your options...they'll be more than happy to sink your money somewhere for you! :~)
2007-02-10 23:39:19 · answer #3 · answered by Anonymous · 0⤊ 4⤋
Yes if you have earned income, either on W-2 or self-employment income.
2007-02-11 00:33:16 · answer #4 · answered by romeo_1595 2 · 1⤊ 0⤋
Bostonian is exactly correct. Whomever gave him a thumbs down has no idea what they're talking about.
2007-02-11 10:17:27 · answer #5 · answered by smh60437 3 · 1⤊ 1⤋