I received some pay through a W-2 for benefits that were owed to me after my company went bankrupt in 2014. I received the money in 2020 thru another company that took over settlement of my former company. When I filled out all my information in TurboTax the software gives me opportunity to open a traditional IRA and save over $800 in taxes owed. I turned 70 in February and I am under 70 1/2; can I legally open a IRA and do this?
