IRA Contribution for Expat
A client recently moved from the US to Switzerland for work and will be living their for five years. He will make 700k per year. Is he eligible to contribute to his IRA that he still has in the states? He will participate in his employer-sponsored retirement plan but the plan is a Swiss plan. His wife also lives with him in Switzerland but is not working.
Thank you!!
Permalink Submitted by Alan - IRA critic on Sat, 2023-11-11 22:10
Yes, client can make a TIRA contribution and a spousal contribution for spouse since his foreign earned income exclusion is far less than his earnings. Further, the contribution can be deducted because the swiss plan is not a qualified US retirement plan.