Re: Roth IRAs

From: Rich Carreiro <rlcarr@animato.pn.com>
Subject: Re: Roth IRAs
Date: Thu, 5 Nov 1998 18:31:47 -0500

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>It is my understanding that to make an Roth IRA contribution, earned income
>must be used for the contribution.

Correct.  The same for traditional IRAs, too.  However...

>If a married couple files jointly, one
>has earned income and the other has passive income (retirement, investment
>checks, etc.), can an IRA account be established for both using the earned
>income of one spouse?

There is no such thing as a joint IRA (it's a contradiction in terms,
given what IRA stands for).  So "an IRA account" cannot be established
for both in any case.

If what you are asking is can each spouse have his/her own IRA account,
funded by the earned income of one spouse, the answer is "yes."

Rich Carreiro
rlcarr@animato.pn.com
P5-100/RedHat Linux 4.1

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