roth ira
@cyclonewriter (2168)
United States
March 12, 2007 9:55pm CST
Can anyone tell me if you are not receiving an income, if you can continue to contribute to your ROTH IRA? What I mean is by law, for some reason I thought I read somewhere that you could not continue. Our home will continue to have enough income to continue contributions, I just wasn't sure if we could if the person on the IRA was not earning an income. Thanks !
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1 response
@theproperator (2429)
• United States
16 Mar 07
I believe you right, you are only allowed to contribute and equliviant amount to your IRA as you have earned in that year, up to the max contribution of 4 or 5 thousand dollars. So, if the person who owned the IRA only earned $300 in a year, $300 is the maximum they (or anyone else) could contribute to the account for that year.
I'm not a finance pro though, so you may want to double check with the company that you have the IRA with.
Good Luck
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