Solved: My wife and I are retired. We have pensions from Kansas Public Retirement System. Can she contribute to a Traditional IRA for $1900? Turbo Tax says she can but I can't.
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
t-bone
New Member

My wife and I are retired. We have pensions from Kansas Public Retirement System. Can she contribute to a Traditional IRA for $1900? Turbo Tax says she can but I can't.

We are retired teachers. Can my wife contribute to a traditional IRA, our only earned income is around $3000 farm income.

1 Best answer

Accepted Solutions
KittyM
Level 2

My wife and I are retired. We have pensions from Kansas Public Retirement System. Can she contribute to a Traditional IRA for $1900? Turbo Tax says she can but I can't.

If the farm is in your wife's name and turns a profit, she can contribute an amount equal to or less than the farm profit to an IRA - there are other limiting factors, such as age, but no earned income equals no IRA contribution.  She may also be able to contribute to a spousal IRA on your behalf, up to her earned income limit.

If the farm is your operation, you need to correct the ownership and then the same is true, only reversed.

View solution in original post

1 Reply
KittyM
Level 2

My wife and I are retired. We have pensions from Kansas Public Retirement System. Can she contribute to a Traditional IRA for $1900? Turbo Tax says she can but I can't.

If the farm is in your wife's name and turns a profit, she can contribute an amount equal to or less than the farm profit to an IRA - there are other limiting factors, such as age, but no earned income equals no IRA contribution.  She may also be able to contribute to a spousal IRA on your behalf, up to her earned income limit.

If the farm is your operation, you need to correct the ownership and then the same is true, only reversed.

View solution in original post

Dynamic AdsDynamic Ads
v
Privacy Settings