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New Member
posted Jan 31, 2024 3:56:20 AM

I am disabled and have a 1099-R with code 3 in box 7. Can I contribute a portion of these funds to a traditional IRA without penalty. I have no other income except SSI?

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1 Replies
Expert Alumni
Jan 31, 2024 5:04:11 AM

No.

 

To contribute to a traditional IRA, you need to have earned income.

 

Withdrawals from a retirement account and SSI benefits aren't earned income.