I am currently retired and collecting a pension, but I do not currently make contributions to any company 401k or pension plan. Is my 2018 IRA contribution deductible?

540

1 Best answer

Intuit Alumni

Jun 6, 2019 12:38:37 AM

Yes, but only if you have earned income (retirement does not count).

"For 2019, your total contributions to all of your traditional and Roth IRAs cannot be more than:

$6,000 ($7,000 if you’re age 50 or older), or
your taxable compensation for the year, if your compensation was less than this dollar limit.

For 2015, 2016, 2017 and 2018, your total contributions to all of your traditional and Roth IRAs cannot be more than:

$5,500 ($6,500 if you’re age 50 or older), or
your taxable compensation for the year, if your compensation was less than this dollar limit."

Intuit Alumni

Jun 6, 2019 12:38:37 AM

Yes, but only if you have earned income (retirement does not count).

"For 2019, your total contributions to all of your traditional and Roth IRAs cannot be more than:

$6,000 ($7,000 if you’re age 50 or older), or
your taxable compensation for the year, if your compensation was less than this dollar limit.

For 2015, 2016, 2017 and 2018, your total contributions to all of your traditional and Roth IRAs cannot be more than:

$5,500 ($6,500 if you’re age 50 or older), or
your taxable compensation for the year, if your compensation was less than this dollar limit."