IRA / ROTH IRA contributions

Forum|Forum|3 years ago
July 26, 2023
2 replies
32 views

I am a retired military veteran. I am disabled an unable to work. Fortunately, I have pension and disability payments that make for a comfortable retirement. Since all my income is unearned, am I eligible to contribute to an IRA or Roth accounts.

Ask the Experts - Retirement - July 2023

VolvoGirl

Level 15

No. You need earned income to contribute. Like a W2 from working or a Net Profit from self employment income.

KanchanM

Employee Tax Expert

Hello, generally, if your only source of income is unearned income, you can't contribute to either a traditional or a Roth IRA. However, if you are married and are filing jointly with your spouse, you may be able to make IRA contributions for the non-earning spouse based on the taxable compensation reported on their joint return.

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