I have no other employment income. I am no longer allowed to contribute to my 401k since I am no longer employed. Can my wife and I each contribute to an IRA for 2018 since I received a W2? Is there a disadvantage to this? I converted some funds from a previous IRA to a ROTH in 2018; does this affect my eligibility to contribute again? Thank you.
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Income earned on your W-2 is earned income and can be used to contribute to a Traditional IRA (and Spousal Traditional IRA). Having rolled over your Traditional IRA into a Roth IRA previously does not disqualify you from contributing to another Traditional IRA.
Income earned on your W-2 is earned income and can be used to contribute to a Traditional IRA (and Spousal Traditional IRA). Having rolled over your Traditional IRA into a Roth IRA previously does not disqualify you from contributing to another Traditional IRA.
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