beowulf
Full time employment: Posting here.
- Joined
- Oct 26, 2007
- Messages
- 798
I'm not sure if this is the right place for this question, but it is the place for expert financial info.
If a US citizen lives full time in a foreign country and performs some work there on the local economy (not for a US company), my understanding is that they do not have to pay US income tax on that income. I'm pretty sure I've read that in several places.
The question is whether that income can be used to justify a contribution to either a traditional or Roth IRA? The IRS rules I have read don't seem to be real explicit on this, but I'm not a lawyer or accountant, so I may well be missing something. I think the answer is no, if you have no US taxable work income, you can't contribute.
Any thoughts on this?
Thanks in advance.
If a US citizen lives full time in a foreign country and performs some work there on the local economy (not for a US company), my understanding is that they do not have to pay US income tax on that income. I'm pretty sure I've read that in several places.
The question is whether that income can be used to justify a contribution to either a traditional or Roth IRA? The IRS rules I have read don't seem to be real explicit on this, but I'm not a lawyer or accountant, so I may well be missing something. I think the answer is no, if you have no US taxable work income, you can't contribute.
Any thoughts on this?
Thanks in advance.