kannon
Recycles dryer sheets
Good Morning FIRE's -
Have a question, actually two, on traditional IRAs.
I am ER'ing 31 Dec 14 (yeah!!). I will receive a lump sum annual leave payout in 2015. First question, and I think the answer is yes, is can I use that for an IRA. I am assuming that the lump sum is considered compensation.
Second question. My wife is also ER'ing in Sep 15. I want to max out both her 403b and her IRA for total of $30.5k. No problem on the 403b. But not sure if her after tax salary that's left can do the IRA. Is the $30.5k counted against her pre tax or post tax salary?? We could fund the full IRA amount by using savings. Just not sure what the IRAs will let us do.
Thank you for your help.
Kannon
Have a question, actually two, on traditional IRAs.
I am ER'ing 31 Dec 14 (yeah!!). I will receive a lump sum annual leave payout in 2015. First question, and I think the answer is yes, is can I use that for an IRA. I am assuming that the lump sum is considered compensation.
Second question. My wife is also ER'ing in Sep 15. I want to max out both her 403b and her IRA for total of $30.5k. No problem on the 403b. But not sure if her after tax salary that's left can do the IRA. Is the $30.5k counted against her pre tax or post tax salary?? We could fund the full IRA amount by using savings. Just not sure what the IRAs will let us do.
Thank you for your help.
Kannon