Contribution to IRA

[Rmm1]

MY wife and I are both retired, no wages, salary, etc.   If we contribute new money to an IRA do we have to report that money on our taxes? 

[Bsch4477]

You can’t contribute to an IRA if you had no earned income. 

[Rmm1]

Okay, if I can't open an IRA, can I contribute to am IRA I already have?

[Bsch4477]

No. 

[Rmm1]

Let me restate this question.  If I contribute to an IRA 'must' that contribution be reported or can I just leave it out?

[Rmm1]

I'm sorry but your answer of 'no' does that refer to must I report it or to just leave it out?

[Bsch4477]

You cannot make a contribution to an IRA whether it’s new or old if you did not have earned income. If you did erroneously contribute you must withdraw it. 

[dmertz]

If you made such a contribution and do not obtain a return of this excess contribution before the due date of your tax return, you must report the contribution on Form 5329 as an excess contribution and pay the excess-contribution penalty.