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B
BG2
Level 3
April 30, 2023

Invest in a retirement account

  • April 30, 2023
  • 2 replies
  • 13 views

I have a client going to live and work in China this year and is going to be paid in dollars. He would like to know if he can invest in an IRA or ROTH account here in the States to help him lower his taxable income.

This topic has been closed for replies.

2 replies

T
Terry53029Intuit Community Champion
Intuit Community Champion
May 1, 2023

Roth, no. Traditional IRA, maybe

B
BG2Author
Level 3
May 1, 2023

What factors determine eligibility for this situation?

sjrcpa
sjrcpa
Level 15
May 1, 2023

You can't contribute based on excluded foreign earned income.

If he makes above the foreign earned income exclusion limit, he can contribute based on the "excess" earned income.

The more I know the more I don’t know.
    qbteachmt
    qbteachmt
    Level 15
    May 1, 2023

    Did you use google:

    are foreign earnings eligible for ira

    Because there is quite the results list for that issue, and you can read all about it.

    Roth does not reduce taxable income. Whether they are eligible for Roth IRA or not, is a different question. Traditional IRA is how you make deductible contributions. Whether they are eligible for Trad IRA or not, is a different question.

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