Roth IRA contribution

Spring-Fever — Tue, 10 Feb 2026 10:55:24 GMT

I am 66 and have been receiving a monthly payment from my qualified pension plan for which I have not contributed anything. The amount was calculated based on my years of service and my income. It is reported on a 1099-R box 7. I include this amount as income. I have no earned income, just investment income and this pension. The pension is greater than $8,000 per year. Am I correct in my understanding that I may contribute to a Roth IRA in the amount of $8,000 for 2024 and that the pension income is considered earned income? Also, why does Turbo Tax indicate that I am ineligible for a Roth IRA contribution?

Re: Roth IRA contribution

DoninGA — Fri, 23 Feb 2024 18:59:34 GMT

To fund an IRA you must have taxable compensation. Pension income is not taxable compensation.

topic Re: Roth IRA contribution in Retirement tax questions

Roth IRA contribution

Re: Roth IRA contribution