2007-07-24 09:26:59 · 3 answers · asked by solarsoundseattle 1 in Business & Finance ➔ Personal Finance
If the home sale is your only income, no you can not contribute to an IRA.
You must have at lease $4k in W2 or Self-Employment income to contribute $4k in to an IRA.
2007-07-24 09:53:38 · answer #1 · answered by Wayne Z 7 · 0⤊ 0⤋
You will have to consult a tax or IRA expert. I believe IRA contributions are limited to what the IRS calls "Earned Income". Proceeds from selling a home are not "Earned Income." If you have income from a job or business then I think you are OK.
Sorry I cannot give you a better answer, you will need more specifics.
2007-07-24 09:33:01 · answer #2 · answered by Adoptive Father 6 · 0⤊ 0⤋
You should contact a broker for that since you will need to anyways for a Roth.
2007-07-24 10:30:10 · answer #3 · answered by jcrichton33 3 · 0⤊ 0⤋