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rbanjo
New Member

My wife and i are retired on a pension, i have capital gains of 10,000 .can i contribute this to an ira,for a deduction?

 
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My wife and i are retired on a pension, i have capital gains of 10,000 .can i contribute this to an ira,for a deduction?

No.  You need earned income from working to contribute.  So you need W2 income or a net profit on schedule C for self employment income.

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3 Replies

My wife and i are retired on a pension, i have capital gains of 10,000 .can i contribute this to an ira,for a deduction?

Is this from the sale of your land?  <a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/4136378-i-sold-25-acres-agriculture-land-i-owned-the-land-for-8-ye...>

Based on your other questions, I'd suggest you run your situation through Taxcaster as you may find you will be paying little to no tax on your cap gains from sale of investment property.  <a rel="nofollow" target="_blank" href="https://turbotax.intuit.com/tax-tools/calculators/taxcaster/">https://turbotax.intuit.com/tax-tools/...>
rbanjo
New Member

My wife and i are retired on a pension, i have capital gains of 10,000 .can i contribute this to an ira,for a deduction?

yes, it is from the sale of agg land

My wife and i are retired on a pension, i have capital gains of 10,000 .can i contribute this to an ira,for a deduction?

No.  You need earned income from working to contribute.  So you need W2 income or a net profit on schedule C for self employment income.

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