Traditional ira deduction: I'm a retiree and used monies from my monthly retirement income to open a traditional IRA. Why can't I get a deduction?

[donnaprimus]

The way I view this situation is that my monthly retirement income, from the job I did for 22+ years, should make me eligible for this deduction.  It's not monies from rentals or winnings, it's job-based renumeration...

[DoninGA · Accepted solution]

To contribute to an IRA you must have taxable compensation.   See this IRS website - https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-li...

What is compensation?  See this IRS Publication 590-A - https://www.irs.gov/publications/p590a/ch01.html#en_US_2016_publink1000230355