Am I eligible to purchase an IRA for tax year 2006?

2 ⤊

I’m retired and receive income from a pension, social security and also other income from an existing IRA that gets reported on form 1099R.

2006-12-12 02:21:33 · 4 answers · asked by robert k 2 in Business & Finance ➔ Taxes ➔ United States

As stated above you need earned income and you also can't be age 70 or above.

2006-12-12 04:35:09 · answer #1 · answered by waggy_33 6 · 1⤊ 0⤋

You need to have "Earned Income" in order to put money in to an IRA.

Earned Income = Wages or Self-Employment

2006-12-12 10:30:16 · answer #2 · answered by Wayne Z 7 · 1⤊ 0⤋

Yes, you have until April 15, 2007.

2006-12-12 10:28:35 · answer #3 · answered by Doug H 3 · 0⤊ 1⤋

it depends on your age!

2006-12-12 10:26:08 · answer #4 · answered by golferwhoworks 7 · 0⤊ 1⤋