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i19jayne
New Member

I am retired & work only 4 hours each week. When making my IRA contribution is it based on the total of W-2 box #1 or W-2 box #3

 
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dmertz
Level 15

I am retired & work only 4 hours each week. When making my IRA contribution is it based on the total of W-2 box #1 or W-2 box #3

With regard to your Forms W-2, the IRS considers your eligible compensation to support an IRA contribution to be the amount in box 1 minus any amount in box 11.

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dmertz
Level 15

I am retired & work only 4 hours each week. When making my IRA contribution is it based on the total of W-2 box #1 or W-2 box #3

With regard to your Forms W-2, the IRS considers your eligible compensation to support an IRA contribution to be the amount in box 1 minus any amount in box 11.

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