qbteachmt
Level 15

Always use the current and applicable IRS resources when you are learning these things:

"Contributions

To contribute to a traditional IRA, you, and/or your spouse if you file a joint return, must have taxable compensation, such as wages, salaries, commissions, tips, bonuses, or net income from self-employment."

"Compensation for purposes of contributing to an IRA doesn't include earnings and profits from property, such as rental income, interest and dividend income, or any amount received as pension or annuity income, or as deferred compensation. In certain cases, other amounts may be treated as compensation for purposes of contributing to an IRA, including certain alimony and separate maintenance payments received, certain amounts received to aid in the pursuit of graduate and postdoctoral studies, and certain difficulty of care payments received."

https://www.irs.gov/taxtopics/tc451

https://www.irs.gov/forms-pubs/about-publication-590-a

 

*******************************
"Level Up" is a gaming function, not a real life function.

View solution in original post