Severance or unemployment count as earned income?

Discussion in 'Tax' started by Barry Margolin, Feb 10, 2004.

  1. For purposes of being able to contribute to an IRA, does
    severance pay or unemployment insurance count as earned
    income?

    --
    Barry Margolin,
    Arlington, MA

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    Barry Margolin, Feb 10, 2004
    #1
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  2. Barry Margolin

    Phil Marti Guest

    Barry Margolin <> writes:

    > For purposes of being able to contribute to an IRA, does
    > severance pay or unemployment insurance count as earned
    > income?


    Severance yes; unemployment no.

    Phil Marti
    Topeka, KS

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    << The Charter and the Guidelines for submitting >>
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    Phil Marti, Feb 11, 2004
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  3. > For purposes of being able to contribute to an IRA, does
    > severance pay or unemployment insurance count as earned
    > income?


    Severance as it is reported on a W-2.

    Helen, EA in PA
    Member of The Tax Gang
    Director, National Assoication of Enrolled Agents
    Immediate Past President, PA Society of Enrolled Agents

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    Helen P. OPlanick EA, Feb 11, 2004
    #3
  4. Barry Margolin

    A.G. Kalman Guest

    Barry Margolin wrote:

    > For purposes of being able to contribute to an IRA, does
    > severance pay or unemployment insurance count as earned
    > income?


    Severance YES, Unemployment NO.

    --
    Alan
    http://taxtopics.net

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    A.G. Kalman, Feb 11, 2004
    #4
  5. Barry Margolin wrote:

    > For purposes of being able to contribute to an IRA, does
    > severance pay or unemployment insurance count as earned
    > income?


    The former IS pay, and therefore appears on a W2, and
    therefore is earned income. The latter however is not.

    Cheer$,
    Harlan Lunsford, EA n LA

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    Harlan Lunsford, Feb 11, 2004
    #5
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