Re: ? Re Roth IRA Eligibility and Disability Income

"Margaret Wilson" <twokatmew@xxxxxxxxxxxxxxxxxxxxxx> wrote:

> Thanks Phil, this is exactly what I needed to know. My preference would
> be to dollar-cost-average into my Roth, but it makes the most sense to
> wait and see if I have earned income, as you suggest. That is, unless I
> find that at the end of 2005, my disability income is reported on a W-2.

Hearing in your (unquoted) response that they're deducting 403(b)
contributions from your disability income makes me think that it's being
treated as wages. This would make sense if you're under the normal
retirement age for your plan.

I don't have a definite answer to the question Art raised about disability
income reported on line 7 of the 1040 even if reported on a 1099. The only
thing I know for sure is that IRS will not question IRA contributions based
on W-2 box 1 amounts.
--
Phil Marti
Clarksburg, MD


.

Relevant Pages

  • Re: ? Re Roth IRA Eligibility and Disability Income
    ... Hello, Phil and Arthur! ... ??>> having entertained the possibility that my disability income might be ... ??>> considered to be a pension, is why it never occurred to me that the ... disability benefits continue till age 65. ...
    (misc.taxes)
  • Re: ? Re Roth IRA Eligibility and Disability Income
    ... >Hello, Phil and Arthur! ... > ??>> having entertained the possibility that my disability income might be ... > ??>> considered to be a pension, is why it never occurred to me that the ... I can retire from my current employer with 25 years of service at ...
    (misc.taxes)