Message Font: Serif | Sans-Serif
No. of Recommendations: 0
The easy one is the check payable to DW's IRA. It should be deposited into the IRA. It does not count against her annual contribution limit.

Thanks for the response.

Regarding the IRA check, I have two questions:

1) DW is retired with no income from earnings and thus not eligible to contribute toward her IRA. Is there any problem depositing the check anyway?

2) She would rather spend the money than put it in her IRA (we will likely either not owe any tax this year or be in the lowest bracket). Does it then go on line 21 as "Other income?" Or on line 15b as a taxable IRA distribution?

Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.