2007-06-05 08:45:09 · 5 answers · asked by rAy 1 in Business & Finance ➔ Taxes ➔ United States
it requires earned income, which getting a few hundred bucks from your son more than likely (unless they give you a W-2) doesn't qualify for. I've included a link to wikipedia regarding roth's.
2007-06-05 08:53:21 · answer #1 · answered by Anonymous · 2⤊ 1⤋
You, or your spouse, would have to be employed or self-employed.
There is no age limit for contributing to a Roth. So if you have a little self-employment income, you can put it (up to $5K) into a Roth IRA as long as your total income is below the limits for contributions for your filing status ($160K for married filing a joint return, $110K for others except for married filing separately which generally has a limit of $10K).
2007-06-05 17:06:39 · answer #2 · answered by ninasgramma 7 · 0⤊ 0⤋
You have to have earned income (basically, from a job or self-employment) to contribute to any type of IRA.
2007-06-05 21:29:30 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
You need earned income to contribute to either type of IRA.
If your son is giving you a gift, that is not earned income. If he is paying you to do something for him, that would be earned income, but you would have to file tax forms showing that income.
2007-06-05 15:54:22 · answer #4 · answered by r_kav 4 · 1⤊ 0⤋
your 56 its too late now for an ira
your incomes not taxed
just buy cds
2007-06-05 16:33:05 · answer #5 · answered by Anonymous · 0⤊ 6⤋