Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 1
posted Jun 3, 2019 10:53:42 AM

My primary source of income in 2017 has been characterized by my former employer as "supplemental wages". Can I use those funds to contribute to an IRA?

0 1 478
1 Best answer
New Member
Jun 3, 2019 10:53:43 AM

Most likely, if the wages you received were for personal service actually rendered then it can be used to contribute to an IRA.

Regardless of what your former employer labels the income, if you did something to earn the wages, then it is considered compensation. You would know best what the income was for, but here is some information on which you can base your decision.

Click here for determining compensation to contribute to an IRA



1 Replies
New Member
Jun 3, 2019 10:53:43 AM

Most likely, if the wages you received were for personal service actually rendered then it can be used to contribute to an IRA.

Regardless of what your former employer labels the income, if you did something to earn the wages, then it is considered compensation. You would know best what the income was for, but here is some information on which you can base your decision.

Click here for determining compensation to contribute to an IRA