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TurboTax suggests I contribute to an IRA to reduce taxes, can I do this if I did not have earned income only income from converting part of an IRA Rollover to a Roth IRA?

 
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Level 15

TurboTax suggests I contribute to an IRA to reduce taxes, can I do this if I did not have earned income only income from converting part of an IRA Rollover to a Roth IRA?

That is a generic statement not related to your eligibility to contribute.

For 2015, 2016, 2017 and 2018, your total contributions to all of your traditional and Roth IRAs cannot be more than:

- $5,500 ($6,500 if you’re age 50 or older), or
- your taxable compensation for the year, if your compensation was less than this dollar limit.
(Taxable compensation is generally money that you worked for - W-2 or self-employed income).

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

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Highlighted
Level 15

TurboTax suggests I contribute to an IRA to reduce taxes, can I do this if I did not have earned income only income from converting part of an IRA Rollover to a Roth IRA?

That is a generic statement not related to your eligibility to contribute.

For 2015, 2016, 2017 and 2018, your total contributions to all of your traditional and Roth IRAs cannot be more than:

- $5,500 ($6,500 if you’re age 50 or older), or
- your taxable compensation for the year, if your compensation was less than this dollar limit.
(Taxable compensation is generally money that you worked for - W-2 or self-employed income).

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

View solution in original post