IRA Traditional Contribution

kbmcg0401 — Thu, 06 May 2021 16:14:24 GMT

I am 72, receive a pension, have taken IRA distributions RMDs etc), but I also received deferred compensation in 2020 (got a W-2), can I still make a tax deductible IRA contribution before May 17 in order to lower my 2020 taxes owed? Would anyone know? Thanks.

Re: IRA Traditional Contribution

macuser_22 — Thu, 06 May 2021 16:29:54 GMT

No. See https://www.irs.gov/taxtopics/tc451

[quote]

Contributions

To contribute to a traditional IRA, you, and/or your spouse if you file a joint return, must have taxable compensation, such as wages, salaries, commissions, tips, bonuses, or net income from self-employment. For tax years beginning on or after January 1, 2020, there is no age limit to contribute to an IRA (for tax years beginning before that date, you must have been under age 70½ at the end of the tax year in order to contribute to a traditional IRA). Compensation for purposes of contributing to an IRA doesn't include earnings and profits from property, such as rental income, interest and dividend income, or any amount received as pension or annuity income, or as deferred compensation. In certain cases, other amounts may be treated as compensation for purposes of contributing to an IRA, including certain alimony and separate maintenance payments received, certain amounts received to aid in the pursuit of graduate and postdoctoral studies, and certain difficulty of care payments received.

Re: IRA Traditional Contribution

kbmcg0401 — Thu, 06 May 2021 17:00:30 GMT

Thanks very much. Most helpful

topic IRA Traditional Contribution in Retirement tax questions

IRA Traditional Contribution

Re: IRA Traditional Contribution

Contributions

Re: IRA Traditional Contribution