I am retired and I collect two government pensions and Soc Soc, in addition to part time W2 employment.. In 2023 I worked part-time for my former employer (from whom I recieve a pension). I was retired for 4 years when I began to work part time. In my current part time employment I am not covered by an employer's pension plan nor am I eligible for it. No deductions are taken from my part time employment W2 for social security or for a pension. Can I contribute $7500 in 2023 to a Roth or traditional IRA when have W-2 income exceeding $10,000.
As you have earned income of $10,000 in 2023, you can contribute up to $7,500 to a Traditional or Roth IRA for 2023.
There is no age limit for IRA contributions.
is that still true even if I have more than $120,000 AGI which includes my pensions, Social Security and my W-2 income?
First, you must have compensation from working. As long as you have compensation from working, you can contribute to an IRA. The age limits and the idea that you can't contribute after you retire were recently changed.
However, you must still follow all the normal contribution rules. The income phase out for Roth contributions starts at AGI of $138,000 depending on your filing status.
If you want to make deductible contributions to a traditional IRA, the income limits are here.
https://www.irs.gov/retirement-plans/ira-deduction-limits
If you can't make deductible contributions, you could make nondeductible contributions and then keep track of your basis or do a backdoor conversion.