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Level 2
posted Jun 3, 2019 10:55:29 AM

Can deferred income be used to make IRA contributions?

I will soon retire. I have deferred some of my income. Social Security and Medicare taxes have been taken out. State and Federal income taxes have not been taken out. After I am retired and no longer working but am receiving deferred compensation, can I use any of that to make contributions to my IRA?

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1 Best answer
Level 15
Jun 3, 2019 10:55:30 AM

No, deferred income is not eligible compensation for making an IRA contribution.

https://www.irs.gov/publications/p590a#en_US_2016_publink1000230355

2 Replies
Level 15
Jun 3, 2019 10:55:30 AM

No, deferred income is not eligible compensation for making an IRA contribution.

https://www.irs.gov/publications/p590a#en_US_2016_publink1000230355

Level 2
Jun 3, 2019 10:55:31 AM

Thank you and thanks for the link to the appropriate part of the tax code.