Can I use my stimulus payment to make a Roth IRA contribution?

Q. Can you use your stimulus as income and put it into a Roth IRA if you are retired?— RetiredA. We’re glad that your personal finances are healthy enough that you don’t need to spend your stimulus payment.Roth IRA contributionsare governed by rules, so we’re glad you asked.To make a contribution to any kind of IRA, you must have received taxable compensationsuch as wages, commissions or self-employment income, said Neil Becourtney, a certified public accountant and tax partner with CohnReznick in Holmdel.“An economic impact payment — the stimulus rebate — received because of the CARES Actis n...

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