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Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29800
Experience:  Taxes, Immigration, Labor Relations
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I am 100% disabled veteran. I also collect SS disability and

Customer Question

I am 100% disabled veteran. I also collect SS disability and retirement. Can I contribute to my IRA or Roth account? I have been advised that I can but can not find information in the tax guides available to me. Thanks.
Submitted: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year ago.
You can contribute into traditional IRA or Roth IRA - if you have earned income - income from wages of from self-employmentYour contribution limit is$6,500 if you’re age 50 or older, oryour taxable compensation for the year, if your compensation was less than this dollar limit.You can’t make regular contributions to a traditional IRA in the year you reach 70½ and older. However, you can still contribute to a Roth IRA and make rollover contributions to a Roth or traditional IRA regardless of your age.See for reference that answer your question?
Customer: replied 1 year ago.
No, it does not. Read the question. I am in receipt of retirement pay (US Army) 100% disability (USA) and SS disability. Is my . So, not to be redundant, can I contribute to my Roth or IRA? It will have to be short and simple answer. And the law where I can find the answer. I know the general info before you sent your answer.
Expert:  Lev replied 1 year ago.
You may receive US Army retirement pay and social security benefits - these facts along will NOT prevent you from contributing to IRA accounts - but if that are ONLY your income - you may NOT make contributions.
Expert:  Lev replied 1 year ago.
You did not mention whether you have any other income or notand did not mention your age that is also important for determination.To be eligible - you MUST have taxable compensation.The law where I can find the answer is well explained by the IRS on following official page that I referenced above short and simple answer - YES - you can contribute - BUT only if you have taxable COMPENSATION (wages or self-employment income)Let me know if you need any clarification this matter.