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Level 2
Jan 29, 2020 10:46 PM UTC
Question

Contribution to IRA

MY wife and I are both retired, no wages, salary, etc.   If we contribute new money to an IRA do we have to report that money on our taxes? 

7 replies

Level 15
Jan 29, 2020 10:51 PM UTC

You can’t contribute to an IRA if you had no earned income. 

Rmm1Author
Level 2
Jan 29, 2020 10:54 PM UTC

Okay, if I can't open an IRA, can I contribute to am IRA I already have?

Level 15
Jan 29, 2020 10:55 PM UTC

No.