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State tax filing
Q. Can I contribute to my traditional IRA using funds from my pension if I am retired and not currently employed?
A. It depends on what you mean by "using".
Yes, you may use that money (or any other money) to fund your IRA.
No, you may not use that income to qualify for an IRS contribution. It is not "compensation". But as others have said, you may count your spouse's earned income (compensation) to qualify for an IRA contribution to your IRA. Doing this is sometimes call a "spousal IRA". But, you may not double dip. For example; your spouse has $10,000 of earned income and makes a $6000 contribution to her own IRA. That means you are limited to only a $4000 IRA contribution.
‎June 13, 2024
1:20 PM