You cannot contribute more to your IRA than the amount of your "compensation income." Compensation income is the taxable portion of your wages/salary, net self-employment, and alimony. Any amount shown in box 1 of a W-2 minus the amount shown in box 11 of the same W-2 is automatically considered taxable compensation income.
So if you are not doing some kind of work or receiving alimony, you can't contribute.
There is no age limit for contributions to a Roth IRA. People over 70 1/2 cannot contribute to a traditional IRA.
Copyright © 2026 eLLeNow.com All Rights Reserved.