Can you invest money in an IRA account if your income is non taxable? (VA compensation)?

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No. It must not only be taxable, but it must be earned income. Interest and dividends do not quailify.

I don't think you can,because I get Soc. Sec. & a Pension & I can"t do it.

A financial planner could probably point you into to a retirement investment option for your situation.

NO!! It must be EARNED income.

You can contribute to a traditional IRA if you or your spouse (filing joint) receive taxable compensation durning the year and you were not 70 1/2 by the end of the year. Basically, any amount that you exclude from income will not qualify. The rules are the same for Roth IRA's

You may find additional helpful information at www.paynotaxesforlife.com

Great Idea!

You can put $4000 per year into a Roth IRA, and have tax free money making tax free gains!

Check with the IRS to make sure though! Don't trust something so important to strangers, check it yourself.

http://www.irs.gov/publications/p590/ind...

Are you refering to the ablility to make contributions to an IRA? If so, then the answer is NO....you can't contribute new money to an IRA.

However, the money you have in an IRA, you CAN invest that money.