CABob; writes,<<<If taxes are paid, the income claimed on a 1040 form can potentially be contributed to an IRA, traditional or roth.The criteria is: 'is the income taxable?'>>I don't think this is correct. Income from interest, dividends, and capital gains is certainly taxable, but, is not earned income that can be contributed to an IRA.I don't know about royalty income, but, I suspect it is not earned income in most cases.</snip>In general, the test is that only income you pay FICA taxes on can be used as an IRA contribution.intercst
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