Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

Can a person receiving 85. What type of IRA can an

Can a person receiving...

Can a person receiving 85

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

What type of IRA can an individual receiving Military Disability open?

Accountant's Assistant: Is there anything else important you think the Accountant should know?

This individual is 85% disabled and is petitioning for 100%

Show More
Show Less
Ask Your Own Tax Question
Answered in 1 minute by:
3/14/2018
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,657
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified

Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

Ask Your Own Tax Question

Unless this person has earned income they may not open nor contribute to an IRA.

If both you and your spouse have compensation and are under age 70½, each of you can open an IRA. You can’t both participate in the same IRA. If you file a joint return, only one of you needs to have compensation. But there must be compensation (wages or self employment).

Please let me know if you need more information.
If not then please scroll up to see the STARS to rate so I am credited.

Ask Your Own Tax Question
Customer reply replied 1 month ago
Considering a Traditional IRA or Roth
Customer reply replied 1 month ago
No just type the answer

DO you have wages?

Ask Your Own Tax Question

Any call offer is site generated, just ignore it.

If you scroll up you will see I did answer. You have to have wages or self employment to open an IRA. Either kind of IRA. Wages or self employment.

Ask Your Own Tax Question

Do you have wages or self employment income?

Ask Your Own Tax Question
Customer reply replied 1 month ago
According to Fidelity they don't advise, but suggest a Traditional as appropriate . They do not state that it is prohibited.
Seems punitive

They may not state that because they do not give tax advice. You cannot contribute to an IRA unless you have earned income unfortunately.

Please let me know if you need more information.
If not then please scroll up to see the STARS to rate so I am credited.

Ask Your Own Tax Question
Customer reply replied 1 month ago
Thanks

You are most welcome.
A positive 5 star rating is appreciated so I am credited for assisting.

Ask Your Own Tax Question
Customer reply replied 1 month ago
I will have to check elsewhere before I rate. Google reflects that you can open an IRA with Disability funds

Ok

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,657
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified
Robin D. and 87 other Tax Specialists are ready to help you
Ask your own question now
Was this answer helpful?
Ask Robin D. Your Own Question
Robin D.
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,657
17,657 Satisfied Customers
Experience: 15years with H & R Block. Divisional leader, Instructor

Robin D. is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,451 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

56 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

17,657 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
New Jersey denied my earned income child tax credit but the
New Jersey denied my earned income child tax credit but the federal gave it to me. Will the state(New Jersey) tell the fed I was denied after the fed all ready gave it to me … read more
Carter McBride
Carter McBride
LLM
983 satisfied customers
Can you take the foreign earned income exclusion if you
Can you take the foreign earned income exclusion if you worked for a US company overseas and your home was overseas?… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I accidentally contributed to traditional IRA in addition to
Second opinion] I accidentally contributed to traditional IRA in addition to maxing out 401k. The amount that I contributed to traditional IRA was taxed. What can I do fix this so I don't get taxed wh… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I accidentally contributed to traditional IRA in addition to
I accidentally contributed to traditional IRA in addition to maxing out 401k. The amount that I contributed to traditional IRA was taxed. What can I do fix this so I don't get taxed when I withdraw mo… read more
Dr Arthur Rubin
Dr Arthur Rubin
Doctoral Degree
24 satisfied customers
Turbo tax says that we cant deduct an an traditional ira
turbo tax says that we cant deduct an an traditional ira because we made over 196,000 We didnt make that much. … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
A taxpayer converts a Traditional IRA to a Roth IRA and
A taxpayer converts a Traditional IRA to a Roth IRA and receives a 1099R for 68,333. Her basis in the Traditional IRA is 58,500. None of the 58,500 was deducted on her return as she participated in a … read more
Dr Arthur Rubin
Dr Arthur Rubin
Doctoral Degree
24 satisfied customers
Traditional ira contribution for 2016 got put as 2017
Traditional ira contribution for 2016 got put as 2017 contribution in error by custodian can I make them correct this error? If not I will have to amend 2016 return and pay taxes. I have no paperwork … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I opened a Traditional IRA with money from my refinance of
I opened a Traditional IRA with money from my refinance of my mortgage for the tax credit in 2015 and put more in 2016. In 2017 I pulled out money. I am 67 and was 65 when I put it in. Question is do … read more
Robin D.
Robin D.
Senior Tax Advisor 4
17,657 satisfied customers
What if a 1099R wasn't received for a traditional IRA
What if a 1099R wasn't received for a traditional IRA because no distributions were taken. However, RMD should have been taken. Should the IRA information still be entered on the 1040 using the 12/31/… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have overdrawn on my traditional IRA before the end of the
I have overdrawn on my traditional IRA before the end of the year. The reason: I had a heart attack in the fall and was in recovery. Had to suspend business for a few months and was unable to track my… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
If I have an inherited IRA and my own traditional IRA with
If I have an inherited IRA and my own traditional IRA with non-deductible contributions in it (i.e. basis), and then take a distribution from my traditional IRA, is the FMV of the inherited IRA includ… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
938 satisfied customers
Earned income credit, single and no children income 1392
earned income credit, single and no children income 1392 social security 15996.00 … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,962 satisfied customers
I'm 62 and my wife and I havein traditional IRA and 215000
I'm 62 and my wife and I have(###) ###-####in traditional IRA and 215000 in 401K. Is it a good idea to convert traditional IRA to Roth IRA now and how much is good amount? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
17,657 satisfied customers
Need to walk through local earned income tax form. Did turbo
did turbo tax for federal and state,, trying to understand berkhiemers form for the local earned income,, moved from pa. to florida on july 1, 2017 … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I converted $10k from my Traditional IRA to a Roth IRA in
I converted $10k from my Traditional IRA to a Roth IRA in December 2017. The goal was to pay taxes up to the 15% bracket. I ended up converting about $3500 too much and now need to recharacterize that… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I took money out from traditional IRA to pay of mortgage do
I took money out from traditional IRA to pay of mortgage do I pay taxes on what my tax bracket is or does all my income has to be added and then pay the taxes … read more
Robin D.
Robin D.
Senior Tax Advisor 4
17,657 satisfied customers
I am trying to move about $125k from a traditional IRA that
I am trying to move about $125k from a traditional IRA that is 100% deductible/post tax to a 401k. The plan was to then make a $5,500 non-deductible (after tax) contribution to a Traditional IRA, and … read more
taxmanrog
taxmanrog
Master\u0027s Degree
915 satisfied customers
The loss as K-1 of a partnership effecting the Earned Income
the loss as K-1 of a partnership effecting the Earned Income Credit. in other words more the loss is the lesser is Earned Income Credit we get. Is this something they introduces this year of taxes or … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x