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Can we contribute $6,000 or $12,000 to our Rollover IRA and get the deduction on our 2017 income tax? In 2017 we did not work.
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No. Contributions to both traditional and Roth IRAs can only be made from what the IRS determines to be "earned income."
According to the IRS, taxable earned income includes:
- Wages, salaries, and tips
- Union strike benefits
- Long-term disability benefits received prior to minimum retirement age
- Net earnings from self-employment
Also, moving funds from one IRA to another doesn't constitute a valid contribution.
Please feel free to post any additional details or questions in the comment section.
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