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Level 1

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.

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Level 7

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?

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.  

View solution in original post

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Level 7

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?

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.  

View solution in original post