According to Weltman’s article: “The only requirement for contributing to a Roth IRA is having earned income. This is income from a job (including commissions, tips, and taxable fringe benefits) or net earnings from self-employment (i.e., profits). Some types of income are treated as earned income for purposes of Roth IRA contributions: nontaxable combat pay, military differential pay and taxable alimony. A spouse who works can contribute to a Roth IRA for a nonworking spouse (assuming sufficient income).”
This is of particular note for military families who receive combat pay or military differential pay. Consult a tax advisor to find out if you qualify for using a Roth IRA.
If you want to learn more about Roth IRA contributions, use the link below. The article referenced is:
The basics of Roth IRA contribution rules by Barbara E. Weltman
Read more about the basics of Roth IRA contribution rules: https://www.investopedia.com/articles/personal-finance/081615/basics-roth-ira-contribution-rules.asp#ixzz5AJQGUWhB
Another interesting point is that if you are working after age 70.5 years of age, you can still contribute to a Roth IRA, but there are certain guidelines.
I encourage those who have heard about Roth IRAs and are considering this retirement type of savings account, to read the brief article.
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