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pclark3
March 23, 2021
Question

IRA Contributions

  • March 23, 2021
  • 1 reply
  • 0 views

Can you take money from a savings account and make a traditional IRA Contribution to reduce AGI?

The money is not from any retirement fund, annuity or Social Security.

Thank you

    1 reply

    VolvoGirl
    VolvoGirl
    March 23, 2021

    Yes if you have earned income from W2 wages or a Net Profit from self employment.  

    P
    pclark3Author
    March 23, 2021

    WOW. Thank you that was fast.

     

    I did not earn any money from a W2 this year.

    However, the money was earned in prior years, if that make sense.

     

    Thank you

    macuser_22
    macuser_22
    March 23, 2021

    It has to be 2020 taxable compensation - W-2 or net self-employed income.    (1040 line 1 and/or schedule 1 line 3 minus line 14 & 15).

    **Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
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