Does Alimony count towards Eligible Income? In other words, if a divorced mother whose sole income is alimony and child support. Can she contribute to an IRA herself? Please help.
Thanks.
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Hey @A11, Schwab has a good article on this.
You can’t use child support to fund an IRA and, under current tax law, you can’t use alimony if divorced after 2018—but that doesn’t mean you can’t put this money to work for you.
Here’s the source:
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