See IRS publication above. Social Security, Interest and Dividends cannot fund a IRA contribution . Only money from the listed activities (mainly W-2 income or net Self-employed income) can fund an IRA.
Since money is fungible it does not matter what account it comes from as long as you have at least that amount of taxable compensation - on the 1040 line 1 (W-2) or Schedule 1 line 3 (Self-employed - line 14).
Otherwise it will be an excess contribution subject to penalty that repeats every year until the excess is removed.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
