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New Member
posted Jun 6, 2019 12:29:07 AM

Retired on social security can I fund an IRA

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1 Best answer
Level 15
Jun 6, 2019 12:29:08 AM

No.

You must have earned income (Wages or self employment) to be eligible to make IRA contributions, deductible or non deductible, Roth or Traditional. 

2 Replies
Level 15
Jun 6, 2019 12:29:08 AM

No.

You must have earned income (Wages or self employment) to be eligible to make IRA contributions, deductible or non deductible, Roth or Traditional. 

Intuit Alumni
Jun 6, 2019 12:29:11 AM

You can open and make contributions to a traditional IRA if:

  • You (or, if you file a joint return, your spouse) received taxable compensation during the year, and
  • You weren’t age 70½ by the end of the year.