can we contribute to IRA as soon as we get to the USA

[redBlue 1]

I was wondering If we can contribute to the IRA as soon as we move to the USA as a permanent resident?

If we can ,how do they determine how much we can contribute since they wouldn't know anything about our work history etc..

Thnx

[BriCar 0]

I was wondering If we can contribute to the IRA as soon as we move to the USA as a permanent resident?

If we can ,how do they determine how much we can contribute since they wouldn't know anything about our work history etc..

Thnx

Best check with a US tax/investment service to be sure.

However I began buying IRA's in the 1st year of my permanent residency in 1989.

There are maximum income limits on being able to buy them, not sure about minimum limits.

Buy them at the end of the tax year or when you know your combined income.

They are for both spouses and there is a extra "catch up" allowance after age 50.

Traditional IRA's are a tax deduction like RRSP's. Roth IRA's are not a deduction but they have other advantages.

Once you get going it's always good to get the current year IRA at the beginning of the year to gain the tax advantage within the IRA all year long.

I do all my IRA's at Charles Schwab.

Good Luck!