I received 25,000 from an estate which I am told is taxable. As a retired.person, can I put some of the money into a traditional IRA for Myself and My wife?

[nannieanddada]

The money is from a portion of Mom's IRA and the death benefit attached to her annuity.  I file jointly and have income from a pension, SS, and a deferred comp plan. I am 66 years old.

[Leonard · Accepted solution]

No, you cannot make any contribution to an IRA if your income consists entirely of unearned taxable income from sources such as rental property, interest, and dividends, pensions or annuities, or income from passive partnerships. 

[SweetieJean]

What about the deferred comp plan?