lack of earned income?
Client age 71, draws 21K salary from family owned business. Puts 20,500 into salary deferral side of 401k. Can he also make a Roth IRA contribution since his “earned income” is down to 500 dollars?
Client age 71, draws 21K salary from family owned business. Puts 20,500 into salary deferral side of 401k. Can he also make a Roth IRA contribution since his “earned income” is down to 500 dollars?
Permalink Submitted by Al Fry on Tue, 2007-11-06 02:50
Yes, if that is the amount shown in Box 1 of W-2.