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hkh
New Member

Can i use payments received from a privately held mortgage to contribute to a roth IRA?

i am retired and age 73 nd hold mortgage on my old house. can money received be used to contribute to my roth
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3 Replies

Can i use payments received from a privately held mortgage to contribute to a roth IRA?

Only compensation can be used to fund an IRA.  Generally, compensation is what you earn from working.

 

See - https://www.irs.gov/publications/p590a#en_US_2020_publink1000230364

 

Compensation doesn’t include any of the following items.

  • Earnings and profits from property, such as rental income, interest income, and dividend income.

  • Pension or annuity income.

  • Deferred compensation received (compensation payments postponed from a past year).

  • Income from a partnership for which you don’t provide services that are a material income-producing factor.

  • Conservation Reserve Program (CRP) payments reported on Schedule SE (Form 1040), line 1b.

  • Any amounts (other than combat pay) you exclude from income, such as foreign earned income and housing costs.

hkh
New Member

Can i use payments received from a privately held mortgage to contribute to a roth IRA?

thank you

follow up question if you can

would this qualify s a contribution to self employed retirement plan? 

Can i use payments received from a privately held mortgage to contribute to a roth IRA?

No ... again for the same reasons listed in the other answer. 

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