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195larch
February 26, 2021
Question

ira contributions

  • February 26, 2021
  • 1 reply
  • 0 views

I have "earned income" on a W-2 from a non-qualified pension plan; am I allowed to make IRA contributions based on that as earned income?

 

    1 reply

    macuser_22
    macuser_22
    Employee
    February 26, 2021

    No.  The IRS Pub 590A specifically says you can use the W-2 taxable compensation MINUS the box 11 amount for IRA contributions.

    **Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
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