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tamnt54
March 19, 2025
Question

Earned income and social security payments: for IRA Contributions, the Turbo Tax process does not mention if social security income is counted as earned income OR NOT.

  • March 19, 2025
  • 2 replies
  • 0 views
Turbo Tax indicates that I cannot contribute to my IRA without earned income, but does not specify that social security is part of that. Is it, or Not?

    2 replies

    KrisD15
    KrisD15
    March 19, 2025

    No, Social Security is NOT earned income. 

    Earned Income are wages and self-employment. (sometimes scholarships) 

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    T
    tamnt54Author
    March 20, 2025

    Can I make that to a Roth IRA?

    Roth IRA contribution is based on a modified AGI

    IRA is based on 'Earned Income' 

    Is this correct and one of the differences between Roth IRA and IRA?

    Thanks very much,

    Todd.

    T
    ThomasM125
    March 20, 2025

    No, both traditional and ROTH IRA's require you to have earned income to make a contribution.

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