Can I open/contribute to a ROTH IRA account if I am unemployed?
By law, you do have to earn income to contribute or open a Roth IRA or any IRA (unless you are retired) because you can only contribute the LESSER of 1) Your annual income or 2) The allowable IRS contribution limit (which is currently $4000 for ages 49 and under, $5000 for ages 50 and over). Your income must come from an employment such as job or a commision base job, so if you earn no income this year, you can’t open or contribute anything. When I do a Roth IRA for someone, the form says I must put in an employment address of the client. Then it ask me if the client is retired or not. Then there’s all these other questions to find the suitable investment for the client’s objective. If you are unemployed, then get a local job such as retail or supermarket until you find a career.
