- You stated you're not covered by a retirement plan at work.
- Your AGI will not trigger a limit. There is no limit if work doesn't have a retirement account.
- For 2020 and later, there is no age limit on making regular contributions to traditional or Roth IRAs.
- However, in 2019, if you were 70 ½ or older, you couldn't make a regular contribution to a traditional IRA. However, you could have contributed to a Roth IRA and made rollover contributions to a Roth or traditional IRA regardless of your age.
- You must have earned income. "Earned income" for IRA purposes includes wages, salaries, commissions, self-employment income, alimony, maintenance, and tax-exempt combat pay. If you have income from other sources, such as rental property income or pension income, you can't contribute those funds to an IRA.
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