Earned Income

Submitted by Chuck Reisinger on Wed, 2008-03-26 02:47

Why doesn’t a 20 year military retainer qualify as earned income? I’m pay state and federal taxes on it.

Thanks
Chucks



Submitted by Alan Spross on Wed, 2008-03-26 03:10

Probably because it is reported on a 1099R like most forms of retirement income. However, if for some reason you get a W-2 form on this income, then it can be used to fund an IRA contribution.



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