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January 23, 2021
Question

My wife and I are retired. I put money into my Traditional IRA in 2020. These funds were not from an employer. Can I use the contributions as a deduction???

  • January 23, 2021
  • 1 reply
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1 reply

Employee
January 23, 2021

You cannot fund a IRA with only retirement income; you need earned income.  If you had none, contact the plan administrator to undo this ASAP.