Retirement tax questions

You can only contribute to an IRA if you have compensation.  

 

Generally, compensation is what you earn from working. For a summary of what compensation does and doesn’t include, see Table 1-1. Compensation includes all of the items discussed next (even if you have more than one type).

Wages, salaries, etc.

Commissions.

Self-employment income.

Alimony and separate maintenance.

Nontaxable combat pay.

Graduate or postdoctoral study.