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New Member

I turned 70 in October of 2017. My only income is from two pensions and Social Security. Can I still put $6,500 into my IRA for 2017?

I'm retired. Since I owe taxes this year, I plan to take my RMD in late April when I hit 70-1/2.  My wife is still employed full-time.  We file a joint return.

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Level 15

I turned 70 in October of 2017. My only income is from two pensions and Social Security. Can I still put $6,500 into my IRA for 2017?

You must have earned income to contribute to an IRA.  Pension income and Social Security benefits are not earned income.

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Level 15

I turned 70 in October of 2017. My only income is from two pensions and Social Security. Can I still put $6,500 into my IRA for 2017?

You must have earned income to contribute to an IRA.  Pension income and Social Security benefits are not earned income.

View solution in original post

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New Member

I turned 70 in October of 2017. My only income is from two pensions and Social Security. Can I still put $6,500 into my IRA for 2017?

Hmmm, then why did TurboTax recommend I put $6,500 into my IRA?  Makes me wonder about the accuracy of TurboTax!!!