Carl
Level 15

Retirement tax questions

Contributions to a traditional IRA are based on earned income. Lottery winnings are not earned income.
Contributions to a ROTH IRA are also based on earned income, and the max you can contribute to a ROTH is $5500 or the amount of your earned income, whichever is the *lesser*. (If over age 50, max ROTH contribution is $6500)