Ssdi and income question?

I am on ssdi. I would like to put some money into an IRA. Is this allowed? How much money in investments am i allowed to have? Could I put it in my wife's name? Thanks

Both you and your spouse can contribute to an IRA. The maximum amount of the contribution for 2007 (which, ironically, you have until April 15, 2008 to make) is the amount of your compensation in 2007 (which does NOT include SSDI) or $4,000, whichever is smaller. Your wife is subject to the same limits. (Unless either of you is over age 50. If you're over 50, your limit is your actual compensation or $5,000, whichever is smaller).

"Compensation," for purposes of this discussion, is defined as: wages, salaries, commissions, self-employment income, alimony, and non-taxable combat pay. SSDI doesn't count as "compensation" for IRA purposes. "Compensation" is the money you get for actually working and performing a job.

Sorry, but you can't put money into an IRA unless you have earned income, or your wife does. No limit on money in investments. Yes, you can put it in your wife's name, but then it's hers, not yours, and you can't legally touch it if she doesn't want to give it to you.

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