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December 14, 2023
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My wife and I are both retired and do not work. We take money out of an IRA to pay our monthly bills. Can we contribute to a Roth IRA in we do not work?

  • December 14, 2023
  • 1 reply
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Best answer by DoninGA

No.  You must have taxable compensation to contribute to an IRA, Traditional or Roth.  Distributions from an IRA are not taxable compensation.

1 reply

DoninGA
DoninGAAnswer
Employee
December 14, 2023

No.  You must have taxable compensation to contribute to an IRA, Traditional or Roth.  Distributions from an IRA are not taxable compensation.