IRA contribution eligible?
Retired in 2014. Received a severance distribution in 2015. The severance amount was taxed and both FICA and Medicare were deducted. In Jan 2016 I will receive a W-2 for the distribution. I will receive no other W-2(no other earned income) for 2015. Other sources of income include pension and investment income. Since FICA was taken out is the severance money considered earned income? Will I be able to make a 2015 tax deductible IRA contribution? Age 58 ,married filing joint, total income less than 100K.
Last edited by sm4378 : 03-05-2015 at 09:49 PM.
Reason: More info