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Retirement tax questions
IRA contributions can only come from "compensation," generally income reported in box 1 of a W-2 (minus any amount in box 11) or net earnings from self employment (although there are a few other special-case sources of compensation). Interest from any source is not compensation and does not support an IRA contribution. For more details, see What is Compensation in IRS Pub 590-A:
https://www.irs.gov/publications/p590a#en_US_2019_publink1000230355
‎January 31, 2021
11:11 AM