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Affect of SIMPLE Plan on Earned Income


Guest mwgr5
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Guest mwgr5

I will earn about 4K from a part time job. At this job, I am a participant in a SIMPLE plan. I want to contribute all of my income from this job to the SIMPLE and then contribute 4K to a Roth IRA using other money.

Is this possible? Would contributing all of my income from this part time job to the SIMPLE result in me having no earned income and not being eligable for a Roth IRA contribution?

Thanks.

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Guest LTurner
I will earn about 4K from a part time job. At this job, I am a participant in a SIMPLE plan. I want to contribute all of my income from this job to the SIMPLE and then contribute 4K to a Roth IRA using other money.

Is this possible? Would contributing all of my income from this part time job to the SIMPLE result in me having no earned income and not being eligable for a Roth IRA contribution?

Thanks.

I would say not... the w2 will effectively show zero in taxable wages. As you have deferred them into the SIMPLE.

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