topic Re: IRA Contribution in Get your taxes done using TurboTax

IRA Contribution

tcbent — Fri, 11 Apr 2025 19:08:25 GMT

My husband and I are retired. Over 70. We file married filing jointly. We both have compensation from an employer retirement plan and both receive SS. We want to invest $5000 into a traditional IRA today and claim that on our 2024 tax. Is this allowed? Will we be able to claim the full $5000, part of it or none of it? Will doing this reduce our tax liability? Are there special forms that need to be filed if we make this investment? Thank you.

Re: IRA Contribution

DoninGA — Fri, 11 Apr 2025 19:14:27 GMT

To make a contribution to an IRA you must have taxable compensation used for the contribution. Your pensions and Social Security benefits are not taxable compensation.

Re: IRA Contribution

VolvoGirl — Fri, 11 Apr 2025 19:18:35 GMT

You need earned income from W2 wages or a Net Profit from self employment to contribute to a IRA.