Are "W-2 other compensation" eligible IRA contributions? I retired fr the City. All City retirees receive $350 monthly less FICA. City sends W2 $4,200 "other comp" yearly
The TurboTax premium package (CD version) is telling me that I can contribute $4,200 to my IRA (or Roth IRA) account.
My wife & I do not have any other W-2s or self employment income.
01602
1 Best answer
dmertz
Level 15
Jun 5, 2019 11:18:42 PM
The IRS considers the amount in box 1 of your W-2 minus any amount in box 11 to be compensation that will support an IRA contribution.
1 Replies
dmertz
Level 15
Jun 5, 2019 11:18:42 PM
The IRS considers the amount in box 1 of your W-2 minus any amount in box 11 to be compensation that will support an IRA contribution.