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Question

Traditional IRA Contribution

Forum|Forum|1 year ago
March 10, 2025
1 reply
0 views

In 2024 I made a $8000 contribution to my Roth IRA as I anticipated working part-time last year but was unable to reach an agreement with the prospective employer on compensation. Because I had no earned income in 2024, I had to rescind the Roth IRA contribution which I did in January 2025, by moving the dollars ($8000 plus $1418.15 in taxable earnings) back to my regular brokerage account (Not an IRA account).

I now want to make a $8000 contribution to my Traditional IRA for 2024 to reduce my income tax liability. Can I still make a $8000 contribution to my traditional IRA since I reversed the Roth IRA contribution?

Turbo Tax says I can still make a 2024 contribution to my Traditional IRA but the online brokerage system is not allowing me to make the 2024 contribution as it is still showing a 2024 contribution to my Roth IRA? Thoughts? (Note: I have contacted Vanguard about this)

Not A Product Question

You said that you had no earned income in 2024 and had to withdraw your excess Roth IRA contribution.

You also need earned income to contribute to a Traditional IRA. Without earned income, you cannot.

Please read this IRS document for more information.

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My wife had earned income in 2024 before retiring on July 1, 2024. Does this change your response?

If your wife had earned income to cover your contribution, you can contribute to a Spousal Traditional IRA.

Please read this IRS document for more information.

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