Question: My wife is not a resident of the U.S., but works here in the U.S. Can she contribute to an IRA if she doesn't have an employer-sponsored plan and our income is under the phase-out limit?

Answer: Yes, your wife can have an IRA. She must, however, have U.S.-based taxable compensation to be eligible to make IRA contributions, says Bill Harris, a certified financial planner with WH Cornerstone Investments.