Penalty for Roth Ira if all income is Foreign Earned Income Excluded?


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Apr 8, 2011
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Have I made a mistake? I am working abroad (and also remotely from my home state of CA). My employer withheld for me, but since my income falls (well) under the threshhold, I can exlude it all due to my bona fide foreign residency. In 2010 I funded my Roth IRA as usual--now it seems that my exluded income means 0 income to the IRS and I must pay a penalty for funding the Roth IRA. Is that correct?
Thanks for your advice!
 
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