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DanielleCPA
DanielleCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 793
Experience:  Years of Experience in Business & Personal Taxes
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Can a taxpayer with no W-2 income but with taxable social security

Customer Question

Can a taxpayer with no W-2 income but with taxable social security income make an IRA contribution?
Submitted: 1 year ago.
Category: Tax
Expert:  DanielleCPA replied 1 year ago.
Welcome and thanks for your question! Unfortunately, a taxpayer must have earned income to make an IRA contribution. This is broadly defined as wages or self-employment income. In certain circumstances, certain other income may be treated as earned income for IRA contribution purposes, but Social Security income is not one of those exceptions.