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What qualifies as compensation?
A recent tax case highlights the confusion over what counts as compensation for contributing to an individual retirement account. ..Read MoreIn the case (Alex Halo v. Commissioner; T.C. Summ. Op. 2014-92; No. 23774-12S, Sept. 11, 2014), the court ruled that Alex Halo did not have qualifying compensation, or earned income, and denied a $3,000 deduction for his 2010 IRA contribution. Mr. Halo was unemployed for all of 2010, receiving only unemployment compensation, interest income and Social Security benefits.
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