Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
0david1
New Member

My husband and I both are retired. Can we take the 5,500.00 out of our fidelity account and open a traditional IRA and get the tax credit

 
1 Best answer

Accepted Solutions
DoninGA
Level 15

My husband and I both are retired. Can we take the 5,500.00 out of our fidelity account and open a traditional IRA and get the tax credit

To make a contribution to an IRA you must have taxable compensation.  Pension income or income from an investment account is not taxable compensation.

View solution in original post

1 Reply
DoninGA
Level 15

My husband and I both are retired. Can we take the 5,500.00 out of our fidelity account and open a traditional IRA and get the tax credit

To make a contribution to an IRA you must have taxable compensation.  Pension income or income from an investment account is not taxable compensation.

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.48m
Members

2.61m
Discussions

Manage cookies
v