No W-2 contribute to IRA.
We have no earned income; money comes from investments, capital gains, qualified dividends. We have traditional IRAs and Roths, and self-directed checkbook control IRA LLC’s. Is still it possible to make IRA contributions?
In past years we had a CPA who told us we could not contribute to anything as our earned incomes were too high.
Permalink Submitted by Alan - IRA critic on Mon, 2018-06-04 23:17
At least one spouse must have earned income for either to contribute to an IRA. In the past when you had earned income you may not have qualified for a TIRA deduction or a Roth contribution, but you could have made a non deductible TIRA contribution, although you would then have had to track IRA basis on Form 8606.