Is it true that you can't add to a Roth Ira if you don't have an income?

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I don't make a paycheck but I do have rental property that I receive income from each month.

2007-09-30 15:07:03 · 2 answers · asked by Eve M 1 in Business & Finance ➔ Taxes ➔ United States

It's true that you can't, and rental income doesn't count toward eligibility for contribution to a Roth (or a traditional, for that matter) IRA.

2007-09-30 15:10:44 · answer #1 · answered by Judy 7 · 3⤊ 0⤋

In order to contribute to an IRA (Roth or Traditional), you need to have earned income. (Wages or running a business). So no you cannot contribute.

2007-09-30 22:21:22 · answer #2 · answered by nystom 2 · 2⤊ 0⤋