You may be able to take a tax credit for making eligible contributions to your IRA or employer-sponsored retirement plan. However, If you didn't have any earned income, you can't contribute to either a traditional or a Roth IRA.
Income derived from investments would not be considered earned income.
Compensation for purposes of contributing to an IRA doesn't include earnings and profits from property, such as rental income, interest and dividend income, or any amount received as pension or annuity income, or as deferred compensation.
For more information please check: IRS.gov
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
