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I am retired and do not work, but I did receive a W-2 form with $782 as income related to life insurance over 50,000. Can I still contribute to IRA as TB says?

There were entries on the form for uncollected Medicare and Social Security taxes.

Best answer by MichaelL1

As long as you meet the other qualifications you can.

Note that a Traditional IRA you must be under age 70 1/2 the time of contribution.

Your amount contributed is limited to the amount of earned income of $782.

Employee

As long as you meet the other qualifications you can.

Note that a Traditional IRA you must be under age 70 1/2 the time of contribution.

Your amount contributed is limited to the amount of earned income of $782.

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