If my only income is social security and investment income, can I still contribute to an IRA? If not and I have already made some contributions to an IRA can I leave them in the IRA account and just not deduct them or do I have to take them out of the IRA account?

ANSWER

The BIDaWIZ Team's Answer:

Unfortunately, no you cannot contribute to an IRA if you do not have taxable compensation as defined by IRS Publication 590 and IRC Section 408. Was the contribution made in 2013 or 2014? If it was in 2013, you should withdraw those funds from the account. If you did it in 2014, you may be able to leave the funds in the account if the custodian allows you to modify the contribution so it applies to 2014 if you plan on having taxable compensation in that tax year. If this is not possible, you'll need to withdraw the funds.