contributing to an IRA by retiree?

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contributing to an IRA by retiree?

want to know if I can contribute to an IRA from investment income as opposed t wages earned and take a deduction on my tax return

2007-02-01 02:57:51 · 2 answers · asked by Thumbnail 1 in Business & Finance ➔ Taxes ➔ United States

2 answers

No. You must have "earned income". Earned income is either W2 wages or Self-Employment income.

2007-02-01 03:02:31 · answer #1 · answered by Wayne Z 7 · 0⤊ 0⤋

Your contribution to an IRA is limted to your earned income, so, if your investment income is your only income, you cannot contribute to an IRA.

You must also be under age 70 1/2 for a traditonal IRA.

2007-02-01 03:02:56 · answer #2 · answered by Take Responsibility 2 · 0⤊ 0⤋