jimnjana
Thinks s/he gets paid by the post
Came across a situation where an individual who is not working but not yet 65 is eligible to make IRA contributions.
Basically, individual is receiving long term disability payments reported by previous employer on a W2 in box 1.
IRS accepts properly reported compensation on W2 box 1 for IRA qualifying compensation.
This allowed the couple to avoid paying several thousand dollars of income tax by fully funding spousal traditional IRA.
Can anyone on the board benefit from this?
Basically, individual is receiving long term disability payments reported by previous employer on a W2 in box 1.
IRS accepts properly reported compensation on W2 box 1 for IRA qualifying compensation.
This allowed the couple to avoid paying several thousand dollars of income tax by fully funding spousal traditional IRA.
Can anyone on the board benefit from this?
