View Full Version : Can self-employed people contribute to their old Roth IRA


PCPerson
I am semi-retired but have about $10,000 computer consulting self-employment income (no employees). I have an existing Roth IRA.

1. Can I contribute the $6,000 (for age 50+) self-employment income for 2008 to this existing Roth IRA? (or do Roth IRA contributions have to be made ONLY by people that work for someone else?)

2. Can my non-working spouse do the same to his as the spousal IRA?

pricespector
You can still contribute to your Roth IRA as long as you have declared earned income. The contribution cannot exceed 100% of your "taxable compensation". So, with $10000 of taxable compensation, you can contribute $6000 to your Roth and $4000 ot your spouse's Roth even if your spouse has no reportable earned income.