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01-03-2009, 05:05 PM
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#1 |
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Registered User
Join Date: Jan 2009
Posts: 1
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Can self-employed people contribute to their old Roth IRA
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? |
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01-03-2009, 07:28 PM
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#2 |
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Registered User
Join Date: Mar 2004
Location: New York
Posts: 1,351
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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.
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