Roth IRA contributions with no job?

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Although earned income typically includes wages, salaries, tips, bonuses, commissions, and self-employment income, it also includes some kinds of income that you might not immediately think of as “earned.” If You Exercised Stock Options When you exercise non-qualified stock options, you’ll probably pay income taxes on the difference between the grant price and the price at which you exercised the options. You may contribute this taxable income to a Roth IRA. If You’re Awarded a Scholarship or Fellowship Some scholarships and fellowships are taxable—especially those that pay for room and board, teaching, or research, or that include a stipend for living expenses. What’s important is that you’re paying income taxes on these funds. IRS Publication 970: Tax Benefits for Education covers this in detail. When you pay these taxes, you can usually use that income to justify a Roth IRA contribution. If Your Spouse Has Earned Income If your spouse earns income but you don’t, the IRS allows you to have an IRA of your own and use family funds to make your annual contributions. Often called a spousal IRA, these accounts act just like a normal Roth IRA does. The only difference is that it’s your spouse’s income, rather than your own, that determines whether you qualify for a Roth IRA based on the maximum income limits. Families often use the spousal IRA to double the amount they can contribute to IRAs each year. For the 2022 tax year, you can contribute up to $6,000 per person. If you’re age 50 or older, the limit is $7,000. That means couples can collectively contribute $12,000 to $14,000, depending on whether either or both are eligible for the catch-up contributions. Also, to qualify for a spousal IRA, you must file your taxes as married filing jointly. If the spouse with no income later goes back to work, they can still contribute to their existing spousal IRA. After the account is set up, it’s an IRA just like any other. If You Receive Nontaxable Combat Pay You don’t necessarily need to pay taxes to contribute to a Roth IRA. For instance, if you receive nontaxable combat pay, which is reported in box 12 of your Form W-2, then you’re eligible. Can a Stay-at-Home Parent Have a Roth IRA? A stay-at-home parent who has no income of their own can still have a Roth IRA. This so-called spousal IRA is just like any other Roth IRA, except that it’s your spouse’s income that determines whether you qualify for a Roth IRA based on the maximum income limits. What Is Considered Earned Income? Earned income includes wages, salary, commissions, tips, bonuses, self-employment income, taxable non-tuition, stipend payments, and nontaxable combat pay. Taxable alimony and separate maintenance payments for divorce or separation decrees that were executed on or before Dec. 31, 2018, are also considered earned income by the IRS. What Is Not Considered Earned Income? Various types of income are not considered earned income for the purposes of contributing to a Roth IRA. These include interest and dividends, pensions or annuities, and Social Security or unemployment benefits. The Bottom Line Even if you don’t have a conventional job, you may be able to contribute to a Roth IRA with income earned from unconventional sources⁠—if you don’t earn more than the income limits imposed by the IRS. As with any tax-related questions, individual situations can sometimes make a big difference, so it can be a good idea to check with a tax expert before making contributions. The information provided is impersonal and does not provide individualized advice or recommendations for any specific reader or individual portfolio. The opinions are from 3rd parties, claims have not been independently verified by us, and we have not been compensated in any way to review the companies or symbols mentioned. 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