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I'm a retired DoD retired civilian annuitant widower. Can I reduce my 2016 tax liability by funding a Traditional IRA with Schwab for $6500.00 B4 Apr 18, 2017?

 
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Level 15

I'm a retired DoD retired civilian annuitant widower. Can I reduce my 2016 tax liability by funding a Traditional IRA with Schwab for $6500.00 B4 Apr 18, 2017?

No.  You need earned income from W2 wages or a Net Profit on Schedule C for Self Employment income to contribute to an IRA.

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Level 15

I'm a retired DoD retired civilian annuitant widower. Can I reduce my 2016 tax liability by funding a Traditional IRA with Schwab for $6500.00 B4 Apr 18, 2017?

No.  You need earned income from W2 wages or a Net Profit on Schedule C for Self Employment income to contribute to an IRA.

View solution in original post