I retired in Dec. 2023 and the only income in 2024 was Social Security, another retirement plan, and unemployment. I have money in a Regular Savings account I would like to invest. Can I start a Roth and Deposit the Annual Maximum in 2024?
You'll need to sign in or create an account to connect with an expert.
Hello 69TransAm,
Unfortunately, you cannot contribute to ROTH IRA if you do not have any earned income. SS, pension and unemployment do not count as earned income. If you are married and your spouse has income, you can use that income to contribute to ROTH if qualify.
Thanks for participating in TurboTax's Ask the Expert event today. I hope this information was helpful!
Hello 69TransAm,
Unfortunately, you cannot contribute to ROTH IRA if you do not have any earned income. SS, pension and unemployment do not count as earned income. If you are married and your spouse has income, you can use that income to contribute to ROTH if qualify.
Thanks for participating in TurboTax's Ask the Expert event today. I hope this information was helpful!
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
thegoodreturn
Returning Member
wid932ddf
New Member
Romper
Level 5
fastlapp
Level 2
Tlujan
Level 2
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.