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Posted by A.G. Kalman on February 2, 2007, 7:29 pm
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Bewildered wrote:
> I have a traditional IRA. In 2006 I had very little earned
> income, but I did receive substantial back pay on a W2.
> Would that be enough to allow a contribution to my IRA, or
> does the pay have to be earned in 2006, rather than just
> paid in 2006? I realize the IRS has no way to tell them
The amount in Box 1 of your 2006 W-2 less any amount in
Box 11 is a safe harbor for IRA contributions.
--
Alan
http://taxtopics.net
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