Skip to main content
January 20, 2022
Question

I am retired and have a savings account. I want to take money from that account and deposit it into my regular IRA. Can I get a tax deduction for that?

  • January 20, 2022
  • 1 reply
  • 0 views
No text available

1 reply

VolvoGirl
Employee
January 20, 2022

You can not make a IRA contribution unless you have income from wages on a W2 or a Net Profit on Schedule C for self employment income.   You need earned income to contribute to IRA.  Do you have any earned income?  Retirement income doesn't count.