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Posts Tagged ‘roth ira unemployed’

Roth IRA unemployed

Question: Roth IRAs?

Ok, im unemployed, but receive tax exempt money (not disability or unemployment money). my question is, can i still open a Roth IRA?
thanks for not flinging insults guys. (sarcasm, incase you 2 missed it.)
right now, I am disabled and fighting for my life. i was asking because im getting married soon and wanted to take care of my future wife. im looking for all possible ideas, but a job is not an option at this moment.
Dont tell me i gotta pick best answer from these 2?

Answer: Wow, those answers are pretty insulting, aren’t they?? Don’t pay any attention—-tax season is stressful and they probably didn’t mean to be nasty.

Sorry for your disability. I’ve been there, trust me.

Unfortunately, the tax laws don’t give a break to folks who want to save for retirement but aren’t currently employed. You’ll be best off just investing what you can in a plain vanilla brokerage account or money market. Obviously you’ll be taxed currently on any earnings, whether it be interest, dividends or capital gains, but at least you’ll be saving and growing your nest egg.

One thing—once you get married and file jointly, if your wife has earned income and you two are under the AGI limit, you can both contribute to a ROTH then.

Best of luck to you.

Memphis attorney Vincent Perryman discusses Tax Preparation for 2009 taxes with Gus Wilson Part 2