IRA contribution on Health Club reimbursement
I am retired from the City of New York and received a W-2 for $750 for TY 2020. That amount is the health club reimbursement check I received based on a union benefit. They withheld Social Security and Medicare from the reimbursement, but no federal income tax. The IRA instructions indicate: The deduction may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels. Both me and my wife WERE covered by a retirement plan but are not currently. We are collecting our government pensions with modified AGI > $124k.
My question is, can i contribute $750 to a regular IRA based on this W-2 income? Technically, it may not be earned income but thought I'd ask.