I am retired and do not work, but I did receive a W-2 form with $782 as income related to life insurance over 50,000. Can I still contribute to IRA as TB says?
There were entries on the form for uncollected Medicare and Social Security taxes.
01867
1 Best answer
MichaelL1
Level 15
Jun 6, 2019 12:45:56 AM
As long as you meet the other qualifications you can.
Note that a Traditional IRA you must be under age 70 1/2 the time of contribution.
Your amount contributed is limited to the amount of earned income of $782.
1 Replies
MichaelL1
Level 15
Jun 6, 2019 12:45:56 AM
As long as you meet the other qualifications you can.
Note that a Traditional IRA you must be under age 70 1/2 the time of contribution.
Your amount contributed is limited to the amount of earned income of $782.