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.
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.