Do you need Income on 2007 to contribute to ROTH IRA for 2007?

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Do you need Income on 2007 to contribute to ROTH IRA for 2007?

I start work in Jan 2008 but I want to contribute to my ROTH 07 as well since the deadline for it is around April 2008.

Do I need reported income on 2007 to be able to contribute to my ROTH IRA for 2007?

2007-12-21 06:15:15 · 1 answers · asked by Michael B 1 in Business & Finance ➔ Taxes ➔ United States

1 answers

Yes, you must have earned income for 2007 to contribute to an IRA for 2007. Earned income is income from wages/salaries or income from self-employment.

2007-12-21 06:21:38 · answer #1 · answered by Wayne Z 7 · 6⤊ 0⤋