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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 .
I already stated that 2023 is my first full calendar year of retirement. 401k is not an issue here.
Quote:
Originally Posted by mathjak107
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
I am retired for 2023 - NO JOB. So certainly no ROTH limit to worry about LOL. Only talking at 2800 bucks here.
So yes...pretty sure I can make the contribution. And I can do this every year in the future too, cool surprise. Other than the fact that now I owe income taxes - forgot about the dang group insurance bennie.
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.
Eh. I think I'd rather do it all at the same time. But thanks for the info.
I already stated that 2023 is my first full calendar year of retirement. 401k is not an issue here.
I am retired for 2023 - NO JOB. So certainly no ROTH limit to worry about LOL. Only talking at 2800 bucks here.
So yes...pretty sure I can make the contribution. And I can do this every year in the future too, cool surprise. Other than the fact that now I owe income taxes - forgot about the dang group insurance bennie.
you need earned income for a roth contribution. is this w2 a yearly thing ?
you need earned income for a roth contribution. is this w2 a yearly thing ?
I retired with a benefit that includes a life insurance policy, for as long as I live. So yes. It will be a yearly thing.
Honestly though, it seems to me that the amount of the life insurance should have been included on the 1099-R - not a 1099. Really weird. But I checked the website and that is how they do it.
Last edited by ChessieMom; 01-27-2024 at 01:14 PM..
well where does it say you will have yearly earned income shown on a w2 if you are doing this yearly
It's included in Box 1 - Wages Tips and Other Compensation, under Box 3 for SS wages, under box 4 for Medicare wages.
I am not "doing anything yearly". It's a fringe benefit of my retirement plan. This is the FIRST year that I have received a separate W-2 for this. My paid-for life insurance (over 50K) was always included on my regular W-2 when I was working. Now, obviously, I am not working. So I have no other W-2.
It's included in Box 1 - Wages Tips and Other Compensation, under Box 3 for SS wages, under box 4 for Medicare wages.
I am not "doing anything yearly". It's a fringe benefit of my retirement plan.
well not what you wrote here when i asked if it was just the one year
Quote:
Originally Posted by ChessieMom
I retired with a benefit that includes a life insurance policy, for as long as I live. So yes. It will be a yearly thing.
Honestly though, it seems to me that the amount of the life insurance should have been included on the 1099-R - not a 1099. Really weird. But I checked the website and that is how they do it.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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another 'personal' thread
No latitude for pertinent info for the next million readers. (or anyone searching for, or coming upon Got a surprise W-2 from my pension administrator)
Poster finds answer.
Poster is contenious and demeaning of discussion (as usual)
well not what you wrote here when i asked if it was just the one year
I don't know how else to explain it. It's a permanent benefit. For retirement. Paid on my behalf. Taxable.
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