I have no other employment income. I am no longer allowed to contribute to my 401k since I am no longer employed. Can my wife and I each contribute to an IRA for 2018 since I received a W2? Is there a disadvantage to this? I converted some funds from a previous IRA to a ROTH in 2018; does this affect my eligibility to contribute again? Thank you.
You'll need to sign in or create an account to connect with an expert.
Income earned on your W-2 is earned income and can be used to contribute to a Traditional IRA (and Spousal Traditional IRA). Having rolled over your Traditional IRA into a Roth IRA previously does not disqualify you from contributing to another Traditional IRA.
Income earned on your W-2 is earned income and can be used to contribute to a Traditional IRA (and Spousal Traditional IRA). Having rolled over your Traditional IRA into a Roth IRA previously does not disqualify you from contributing to another Traditional IRA.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
thegoodreturn
Returning Member
Diannahays
New Member
Opus 17
Level 15
Esterházy2024
Returning Member
mdcdeve
Returning Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.