Help - Search - Members - Calendar
Full Version: Income Required?
BenefitsLink Message Boards > Retirement Plans > IRAs and Roth IRAs
Archimage
Is income required in order to make a contribution to a ROTH IRA?
John G
Yes. Not just any kind of income, the IRS rules require "earned income". There are a lot of different ways to have "earned income", the most common of which is getting a paycheck. Note, dividends and interest are not earned income.

There are also other rules governing qualifications for contributing to a Roth. You can find them in the IRS Publication 590.

There is one way income is not required to contribute to a Roth. If you have no income, but your spouse does, you can qualify based upon your spouses income. The maximum you can contribute is a function of your earned income, your age (over 50 qualifies for a higher level) and the maximum set for that calendar year.
This is a "lo-fi" version of our main content. To view the full version with more information, formatting and images, please click here.
Invision Power Board © 2001-2009 Invision Power Services, Inc.