Roth IRA contribution?

[Subfallen]

Does gambling income count to disqualify you from making a Roth contribution?

E.g., say one made $45k in 2005 as a data analyst, but also won $100k at poker. Can he still make a Roth IRA contribution?

[A-Baum]

I've never heard of that. If you have earned income, you qualify to contribute to your Roth IRA.

[Dazarath]

Yes, in the situation you listed. The person can no longer contribute to a Roth IRA. His AGI is too high.

[J_V]

I think if you make over 100k or something you can't. If you make that much, you might be able to get into a SEP IRA if you pay self employment tax. That's all I know, which isn't much.

[Schmitty]

[ QUOTE ]
Yes, in the situation you listed. The person can no longer contribute to a Roth IRA. His AGI is too high.

[/ QUOTE ]

Right on, you might try to file as a pro, most likely something to consider for this year's (2006) taxes however.

[Paul B.]

Sorry to jack this thread, but if I've already paid my 2005 taxes, is it too late to make a Roth IRA contribution?

Edit: Nevermind, I found it on Google.
[ QUOTE ]
However, you can make contributions for a given year only during the period that begins on the first day of the year and ends on the due date of your return for the year — not including extensions.

[/ QUOTE ]

That sucks.