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Level 3

Traditional ira capital gain only

If my only income is from stock sales (1099-B), can I open a traditional ira and contribute to reduce taxes?
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2 Replies

Traditional ira capital gain only

You must have some type of taxable compensation to contribute to an IRA.  Investment sale income is not compensation.

Traditional ira capital gain only

No.  You need Earned income from working W2 or a net profit from self employment on schedule C.  

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