I have a W-2 from a non qualified pension for 2020 which says I have $11,000 in the "wages" box (Box 1) so I thought I was eligible to contribute to an IRA, but Turbo Tax is saying I can't since I don't have any "earned income."
(I didn't otherwise have earned income in 2020.) Can I contribute - without penalty - or not?
Thanks for your help.
The amount on a W-2 that will support an IRA contribution is the amount in box 1 minus the amount in box 11. Deferred compensation does not support an IRA contribution.
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