IRA Contribution

[tcbent]

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.

[DoninGA]

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.

[VolvoGirl]

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