ROTH Contributions with pension income

[mrpaseo]

Okay so it just dawned on me, I currently am "Unemployed" but receive a monthly pension (That I pay taxes on). Am I able to contribute to my ROTH IRAs?

Thanks.

[Petunia 100]

Pension income is not considered to be earned income. To contribute to an IRA, you must have earned income. Earned income is W-2 wages, net self-employment income, and/or alimony.

http://www.irs.gov/publications/p590/ch01.html#en_US_2012_publink1000230364

[Like2Plan]

Okay so it just dawned on me, I currently am "Unemployed" but receive a monthly pension (That I pay taxes on). Am I able to contribute to my ROTH IRAs?

Thanks.

But, if you are married and file jointly and your wife has earned income (at least up to the contribution amount) you can have a Roth.

[mrpaseo]

Wow, can't believe I missed that, thank you.

My wife does work, she brings in enough to cover our IRA contributions so I should be good right?

[creditcardfree]

Yes, you should be good because of your wife's work.

[jIM_Ohio]

Wow, can't believe I missed that, thank you.

My wife does work, she brings in enough to cover our IRA contributions so I should be good right?

There is a calculation which needs to be done, not everyone is eligible for a spousal IRA or spousal Roth. This is the IRS, there are always conditions.