turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Event: Ask the Experts about your refund > RSVP NOW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Roth IRA contribution

I am 66 and have been receiving a monthly payment from my qualified pension plan for which I have not contributed anything.  The amount was calculated based on my years of service and my income.  It is reported on a 1099-R box 7.  I include this amount as income.  I have no earned income, just investment income and this pension.  The pension is greater than $8,000 per year.  Am I correct in my understanding that I may contribute to a Roth IRA in the amount of $8,000 for 2024 and that the pension income is considered earned income?  Also, why does Turbo Tax indicate that I am ineligible for a Roth IRA contribution?

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply

Roth IRA contribution

To fund an IRA you must have taxable compensation.  Pension income is not taxable compensation.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies