My wife and I are both retired and do not work. We take money out of an IRA to pay our monthly bills. Can we contribute to a Roth IRA in we do not work?
01400
1 Best answer
DoninGA
Level 15
Dec 14, 2023 10:00:54 AM
No. You must have taxable compensation to contribute to an IRA, Traditional or Roth. Distributions from an IRA are not taxable compensation.
1 Replies
DoninGA
Level 15
Dec 14, 2023 10:00:54 AM
No. You must have taxable compensation to contribute to an IRA, Traditional or Roth. Distributions from an IRA are not taxable compensation.