topic IRA / ROTH IRA contributions in Retirement tax questions

IRA / ROTH IRA contributions

Syrupgpw — Wed, 26 Jul 2023 17:51:50 GMT

I am a retired military veteran. I am disabled an unable to work. Fortunately, I have pension and disability payments that make for a comfortable retirement. Since all my income is unearned, am I eligible to contribute to an IRA or Roth accounts.

Re: IRA / ROTH IRA contributions

VolvoGirl — Wed, 26 Jul 2023 17:54:23 GMT

No. You need earned income to contribute. Like a W2 from working or a Net Profit from self employment income.

Re: IRA / ROTH IRA contributions

KanchanM — Wed, 26 Jul 2023 17:56:39 GMT

Hello, generally, if your only source of income is unearned income, you can't contribute to either a traditional or a Roth IRA. However, if you are married and are filing jointly with your spouse, you may be able to make IRA contributions for the non-earning spouse based on the taxable compensation reported on their joint return.

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