Got a surprise W-2 from my pension administrator (pay, taxes, income)
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So, 2023 is the first full calendar year that I have been retired. I got my 1099-R for my pension, and was scratching my head for a minute when I saw that there was also a W-2 included. It's for my group life insurance - had totally forgotten about that. So...it's not for much - $2800 in box 1 (SS wages) and the same amount in box 12a.
So...I can make a ROTH contribution for this amount?? It's a taxable fringe benefit...so...I am thinking yes? Nice little surprise if that is the case. I thought I was all done with ROTH contributions.
Last edited by ChessieMom; 01-27-2024 at 12:14 AM..
So, 2023 is the first full calendar year that I have been retired. I got my 1099-R for my pension, and was scratching my head for a minute when I saw that there was also a W-2 included. It's for my group life insurance - had totally forgotten about that. So...it's not for much - $2800 in box 1 (SS wages) and the same amount in box 12a.
So...I can make a ROTH contribution for this amount?? It's a taxable fringe benefit...so...I am thinking yes? Nice little surprise if that is the case. I thought I was all done with ROTH contributions.
Interesting question. I never even thought of that!
I work pt so I made Roth contribs in 2021 and 2023 but not 2022...but if the answer to your question turns out to be a yes, I could have. Too late for that year, but I also get a life insurance premium paid, on which I pay taxes, from my former employer.
Of course it is in box 1. That's the whole basis of my post.
Pretty sure I can contribute that amount, but I'll make sure before I do it, and before I file my taxes of course. Gotta write a fat check this year so I won't be filing until April!
if you contributed to your 401k you need to check to see if your income allows an ira contribution too for that year
No - I was only asking about a ROTH contribution, based on the taxable fringe benefit for which I received a W-2 for - my one and only W-2 this year. I'm retired. Completely.
No - I was only asking about a ROTH contribution, based on the taxable fringe benefit for which I received a W-2 for - my one and only W-2 this year. I'm retired. Completely.
if you had a 401k for the year while working and now retired whether you can also do a roth for that year depends on income for the year.
it isn’t clear if you retired in 2023 .
if all you have is the left over amt on the w2 and retired before 2023 then you can do a roth up to the w2 amount as long as you are not above roth limits in total income
For 2023, as a single filer, your modified adjusted gross income (MAGI) must be under $153,000 to contribute to a Roth IRA. As a joint filer, it must be under $228,000.
Of course it is in box 1. That's the whole basis of my post.
Pretty sure I can contribute that amount, but I'll make sure before I do it, and before I file my taxes of course. Gotta write a fat check this year so I won't be filing until April!
You can actually file earlier and not pay until April. That's what I usually do and will be doing this year. I sold a house that wasn't my primary residence so Uncle Sam wants his cut.
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It's a taxable fringe benefit...so...I am thinking yes? Nice little surprise if that is the case. I thought I was all done with ROTH contributions. 
