W-2 Box 1 for Group Term Life Ins.
I am retired but received a W-2 with an amount in Box 1 that is for cost of company paid group term life insurance over $50,000. Can I make a contribution to my Roth IRA for the amount in Box 1 even though I am retired and did not work at all in 2014?
Permalink Submitted by Alan - IRA critic on Thu, 2015-01-29 19:43
Yes, the Box 1 less any amount in Box 11 is a safe harbor for determining earned income. You can make a contribution up to that amount. I don’t think the cost shows in Box 11.