can you add to an IRA, even if you are taking out? I have a part time job with earned income, so I could put a couple thousand in to help with taxes. We give to our church and I heard that you could give direct to the church out of the IRA with out taxes. One is that true and can you do both at the same time. I will be 70 the first of the year.
Paying into an IRA question
- Thread starter ronaldj
- Start date
Aunt Bea
SF VIP
- Location
- Near Mount Pilot
I believe that the short answer is yes as long as the contribution is from earned income.
It would probably be best to talk to an experienced professional.
It would probably be best to talk to an experienced professional.
OneEyedDiva
SF VIP
- Location
- New Jersey
In order for your IRA donation to be untaxed, it would have to be sent directly to the church from your brokerage firm. I know that's the case with RMDs because I do it each year with my donations to St. Jude. I'm not sure, however, if rules are the same for non RMD distributions.