You'll need to sign in or create an account to connect with an expert.
You need earned income to make a contribution to an individual retirement account. The IRS defines earned income as it is associated with a W-2 reporting as "wages, salaries, tips and other employee pay..." Furthermore, the pay must be taxable. So it would seem the operative question here is if you consider yourself an employee. It would seem you are not, as you mention you are retired. So it is not likely the imputed income would qualify as Earned Income .
The IRS considers the amount in box 1 of the W-2 minus any amount in box 11 to be compensation that will support an IRA contribution.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
edwardwilliam98
New Member
Jays03595
New Member
jstyblo
New Member
stumbleine517
New Member
BadTaxes2024
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.