we rolled over a 401 K it an IRA can we put 8301.07 info the IRA from wages of 2020?

[Nancjnsn]

My husband mad 8301.07 last year in wages.

Then became disabled. Can we put the 8301.07 info the IRA or can we put the maximum in there?

Can it only be on wages earned or can we use savings?

[ToddL99]

IRA contributions can only be made with qualifying income. Traditional savings or other retirement funds do not qualify.

For each year you contribute to a regular IRA or a Roth IRA, you (or your spouse, if you file jointly) must have qualifying income. If you don’t have qualifying income, you can’t contribute. And if your qualifying income (together with qualifying income of your spouse that can be used to support your contribution) is less than the maximum contribution, then the amount you can contribute is reduced.

There are three categories of qualifying income:

• Amounts earned as an employee,
• Self-employment income, and
• Taxable alimony income from a divorce or separation agreement entered into before 2019.

[VolvoGirl]

And Actually the max you can contribute is 6,000 ($7,000 if you are age 50 or older).