I turned 70 in October of 2017. My only income is from two pensions and Social Security. Can I still put $6,500 into my IRA for 2017?

dander1047 · ‎June 6, 2019

I'm retired. Since I owe taxes this year, I plan to take my RMD in late April when I hit 70-1/2. My wife is still employed full-time. We file a joint return.

DoninGA · ‎June 6, 2019

You must have earned income to contribute to an IRA. Pension income and Social Security benefits are not earned income.

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dander1047 · ‎June 6, 2019

Hmmm, then why did TurboTax recommend I put $6,500 into my IRA? Makes me wonder about the accuracy of TurboTax!!!

I turned 70 in October of 2017. My only income is from two pensions and Social Security. Can I still put $6,500 into my IRA for 2017?

Retirement tax questions

Retirement tax questions