topic IRA FOR RETIREMENT in Retirement tax questions

IRA FOR RETIREMENT

jd92882 — Mon, 09 Mar 2026 11:41:04 GMT

HOW DO YOU ENTER AN IRA FOR A PERSON NOT EMPLOYED AND ON RETIREMENT WHAT ARE THE RULES

Re: IRA FOR RETIREMENT

JulieS — Wed, 06 Apr 2022 20:51:15 GMT

If you are referring to an IRA distribution, you should get a Form 1099-R showing that. This is how to enter it:

Open your return and make sure you are in the Federal section.
Select Income from the upper left.
Find IRA, 401(k), Pension Plan Withdrawals (1099-R), on the list, click Start or Review to the right.
Answer the first question Yes.
Click Continue.
Scroll down the bottom and select, Change how I enter my form.
On the next screen, select Type it in myself, in the lower right corner.
Select 1099-R on the next screen and click Continue.
Enter your 1099-R on the next few screens.
Keep going until you finish the section.

If you are referring to an IRA contribution, if you have no earned income you are not allowed to make an IRA contribution. Any contribution would be an excess contribution and would need to be withdrawn.

Re: IRA FOR RETIREMENT

Opus 17 — Wed, 06 Apr 2022 20:53:19 GMT

You can't contribute to an IRA unless you have compensation from work. If you work, you can contribute to an IRA up to the amount of your compensation. This can include part-time work as a Wally World greeter, and is allowed even if you declared retirement and are taking social security--but you must have compensation from working. There is no age limit to contribute to an IRA as long as you have compensation from working.

If you withdraw from an IRA (take a distribution), you report the gross income and pay income tax. You will get a 1099-R from the plan administrator. If you are over age 72-1/2, you have a requirement to withdraw at least a minimum amount (or more) based on the account size and your life expectancy. This is called a required minimum distribution (RMD). If you don't take the RMD when required, the penalty is substantial.