Monthly Archives: September 2010

Alimony can be used as Compensation for IRA purposes.. yup!

Taxable alimony and separate maintenance payments received by an individual are treated as compensation for IRA purposes. For a summary of what compensation does and does not include, see Publication 590 – Table 1-1 on page 4.

Posted in Ask Question or Comment, General, Income Tax, Retirement Accounts | 2,439 Comments

Compensation for IRA purposes is what exactly?

To contribute to a traditional IRA, you must be under age 70 1/2 at the end of the tax year. You, and/or your spouse if you file a joint return, must have taxable compensation, such as wages, salaries, commissions, tips, … Continue reading

Posted in General, Income Tax | 3,591 Comments