You'll need to sign in or create an account to connect with an expert.
Yes, there is a disadvantage to claiming that you are contributing your pension money to a Roth.
You are only allowed to contribute earned income to a retirement account. You may not contribute unearned income, such as from a pension.
As long as you have earned income, you may continue contributing to both your and your wife's IRAs, up to the contribution limit or the amount of your earned income, whichever is smaller. Once you stop working, you will no longer be able to contribute.
You can contribute to a traditional IRA if you are under age 70 1/2 or at any age for a Roth. Certain other limits apply.
Yes, there is a disadvantage to claiming that you are contributing your pension money to a Roth.
You are only allowed to contribute earned income to a retirement account. You may not contribute unearned income, such as from a pension.
As long as you have earned income, you may continue contributing to both your and your wife's IRAs, up to the contribution limit or the amount of your earned income, whichever is smaller. Once you stop working, you will no longer be able to contribute.
You can contribute to a traditional IRA if you are under age 70 1/2 or at any age for a Roth. Certain other limits apply.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
dawnimit
New Member
justanotherbrat
New Member
ja19584
New Member
kennon1967
Returning Member
kennon1967
Returning Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.