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Level 1
December 14, 2023
Solved

My wife and I are both retired and do not work. We take money out of an IRA to pay our monthly bills. Can we contribute to a Roth IRA in we do not work?

  • December 14, 2023
  • 1 reply
  • 7 views
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Best answer by DoninGA

No.  You must have taxable compensation to contribute to an IRA, Traditional or Roth.  Distributions from an IRA are not taxable compensation.

1 reply

DoninGA
Level 15
DoninGALevel 15Answer
Level 15
December 14, 2023

No.  You must have taxable compensation to contribute to an IRA, Traditional or Roth.  Distributions from an IRA are not taxable compensation.