If I terminate my employment in January of 2013, can I contribute to my Roth IRA?
You can contribute to a Roth IRA next year if you have compensation from employment. If you have no compensation of your own but you are married and your spouse has compensation, you can make a spousal Roth IRA contribution using her compensation. In either case, your total income cannot exceed $178,000 for 2013 to make a full Roth IRA contribution.
I converted an IRA to a Roth IRA in December of 2010. I have to pay the final taxes on it this tax year.
I had wages of $23,000.00 this year and plan to make a $6,000.00 contribution this year into my Roth IRA. I am retired and this could be the last year that I have wages. I have heard that other income qualifies for contributions to a Roth IRA.
Is this income stock dividends? Is there any other income that qualifies as income, so I can make a contribution to my Roth IRA in future years?
Any help would be greatly appreciated.
You need compensation to make a Roth IRA contribution. Compensation includes wages, tips, and earned income from self-employment. Stock dividends are not considered compensation.
I have run across your articles on the web. I have a question that you may have answered previously. My wife is 57 and is the recipient of a beneficiary IRA worth about $100K from her step-mother, who was already taking distributions. My wife is now taking RMDs each year on her life expectancy. We moved it from her step-mom's custodian to our investment advisor's firm and retitled it properly.
It is currently in various mutual funds. Can she invest this into an annuity for purposes of gaining a fixed income and reducing stock market risk?
Yes. She can invest the inherited IRA money in an IRA annuity, which is sometimes called a qualified annuity. She will have to continue taking death distributions from that inherited IRA annuity
Register or login for access to this item and much more
All Financial Planning content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access