Do you need income in that year equal to the amount you want to contribute, or can you make a contribution from previous years savings?
2007-04-16 08:34:07 · 4 answers · asked by Mark H 2 in Business & Finance ➔ Taxes ➔ United States
You need to have income in order to open a ROTH IRA. The only way I know to do that with no income is to open a spousal Roth, but that doesn't apply in this case.
2007-04-16 08:44:55 · answer #1 · answered by carolxxcarolxxcarol 1 · 2⤊ 0⤋
You must have taxable income in the year to make a contribution. No income = no contribution allowed.
2007-04-16 15:50:57 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
No anyone regardless of income can invest in a ROTH IRA.
2007-04-16 15:40:33 · answer #3 · answered by richkvegas 3 · 0⤊ 4⤋
You have to have earned income.
2007-04-16 20:17:49 · answer #4 · answered by Judy 7 · 0⤊ 0⤋