Stupid Roth IRA Question
This is embarassing to ask but I think I'm right and Etrade is telling me I'm wrong. The cost of me being right and them wrong is tax trouble.
My over-50 wife "retired" when we moved across town. She has only made about $3,000 in 2006 when we moved and she quit working. That is her total earned income for 2006.
I made a $5,000 contribution to her Roth IRA in January 2006 because I didn't think we'd move as soon as we did.
My income is safely above $50,000 which the Etrade reps say qualifies for my spouse to also have a $5,000 2006 Roth IRA contribution. I was under the opinion that you may only contribute up to your earned income.
I would like to use the vast unpaid resources of this forum for a difinitive answer to shut me up or give me strength to fight on.
The object of life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane -- Marcus Aurelius