I am 58 and have been retired for two years and draw a pension. I also have rental income from investment property. My wife is also retired but does not have any retirement income. We owe almost 10,000 this year in taxes. My question is could we open either a Roth or traditional IRA to help reduce our taxes
Retirement income and rental income do not count as earned income, and do not qualify you to contribute to an IRA or Roth IRA.
Moreover, contributions to a Roth IRA are not deductible and do not reduce your tax liability.
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