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Level 1

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?

 
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Level 9

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?

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."

https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-li...

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Level 9

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?

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."

https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-li...

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