2024 Traditional IRA Contribution After Withdrawing Excess 2024 Roth IRA Contribution

[CJB-1959]

On February 14, 2024, I made a $8000 contribution to my Roth IRA. However, because I had no earned income in 2024, I was not eligible to make a Roth IRA contribution. On January 17, 2025, I "undid" the $8000 contribution and directed the funds back to my regular taxable brokerage account. This resulted in the original $8000 contribution and $1418.15 in earnings being transferred from my Roth IRA to my brokerage account.

Given the above, am I eligible to make a $8000 contribution to my Traditional IRA account as my wife did have earned income in 2024?  

[ThomasM125]

You may be able to make a spousal IRA contribution, depending on your spouse's earned income and your total combined income, and whether your spouse is eligible to participate in her employer's retirement account. You can make the entry in TurboTax and the program will let you know if it is allowed.