I therefore have do earned income myself. My husband does work. Does this effect me putting money into my IRA?
2007-07-07 07:53:00 · 6 answers · asked by I love sushi 4 in Business & Finance ➔ Personal Finance
I think the best way to put money in your IRA is to do a spousal IRA. Unless the earned income you speak of is also being reported to and taxed by the IRS. In a spousal IRA, your spouse can make the contribution in your account as long as you file joint tax return and his compensation is greater than the total contribution he makes for himself and your IRA. You should also note that the contribution may or may not be deductible, depending on your husbands participation in a qualified retirement plan at work.
2007-07-07 10:02:02 · answer #1 · answered by Good Steward 2 · 0⤊ 0⤋
As long as you have money (regardless of how you get it) you can put it into an IRA. Until you turn 55 you can put up to $2,000 a year into the account (when you turn 55 you can put more than 2k in each year). The bank does not care if you have a job or not. So don't worry about it, you're alright.
Smart move on having an IRA, when you retire you're going to be glad you did it!
2007-07-07 08:02:58 · answer #2 · answered by Jeff M 2 · 0⤊ 2⤋
Your IRA contribution is limited to your EARNED income. Their is a provision for a "Spousal IRA". The IRS link below has more details.
2007-07-07 08:13:13 · answer #3 · answered by STEVEN F 7 · 0⤊ 0⤋
You have to have earned income to put money into your IRA.
2007-07-07 09:15:02 · answer #4 · answered by skipper 7 · 0⤊ 0⤋
You can add to your IRA account. Taking money OUT prematurely is a tax problem. The money is yours still, but OUCH on the penalties for early withdrawal. Adding is allowed from any source you wish.
2007-07-07 08:22:23 · answer #5 · answered by amazingly intelligent 7 · 0⤊ 0⤋
Call a bank, any bank and ask them. They all have financial services and can help you. I think you are able to still have an IRA. Good luck!
2007-07-07 07:57:13 · answer #6 · answered by P S 4 · 0⤊ 1⤋