Use Canadian income for IRA?
Can a US citizen use Canadian earned income to fund a Roth IRA, assuming income limits are met? He currently is funding the IRA to the extent of his US earned income, but that doesn’t fully fund it.
Can a US citizen use Canadian earned income to fund a Roth IRA, assuming income limits are met? He currently is funding the IRA to the extent of his US earned income, but that doesn’t fully fund it.
Permalink Submitted by Alan Spross on Tue, 2007-08-28 23:16
The US citizen can used foreign earned income to fund his US IRA to the extent the foreign earned income exclusion is not applied to it. Taxpayer must elect the exclusion in full or not elect it, there is no partial option.