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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%

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Answered in 1 minute by:
3/14/2018
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,353
Experience: 15years with H & R Block. Divisional leader, Instructor
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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.

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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.
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Customer reply replied 5 months ago
Considering a Traditional IRA or Roth
Customer reply replied 5 months ago
No just type the answer

DO you have wages?

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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.

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Do you have wages or self employment income?

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Customer reply replied 5 months 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.

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Customer reply replied 5 months ago
Thanks

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

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Customer reply replied 5 months 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: 18,353
Experience: 15years with H & R Block. Divisional leader, Instructor
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