Traditional and Roth IRA contributions can only be made with earned compensation, (ie: W2 income, bonuses, commissions, etc). A Spousal IRA contribution may also be an option.
Yes, as long as the individual has earned income, they can contribute to a Roth IRA regardless of their age. There are no age restrictions for contributing to a Roth IRA if you have earned income.
no
Yes, a 75-year-old can contribute to a Roth IRA as long as they have earned income. There is no age limit for contributing to a Roth IRA, unlike a Traditional IRA which has an age limit for contributions.
Yes.as long as you do not contribute more than your annual limit.
There is no maximum age for contributing to a ROTH IRA as long as you have earned income. However, you must be under the age of 70 ½ to contribute to a traditional IRA.
Yes
yes
There is no specific maturity date for a Roth IRA, as it is a retirement account that you can contribute to for as long as you have earned income. However, there are restrictions around the annual contribution limits and income limits for contributing to a Roth IRA.
Everything that is in a Roth IRA is non tax deductible. You can get a tax credit of 50% on the first $2000 that you contribute to the IRA if you meet qualifications. The qualifications a listed on this site: http://www.your-roth-ira.com/roth-IRA-tax-credit.html
As of right now you can contribute up to $5500 each year to a Roth IRA. If you are over 50 years of age, you can contribute an additional $1000 for a total annual contribution of $6500.
Yes, but combined contribution limits apply. For 2008 the maximum contribution amount is $5,000 for individuals under 50 years of age and $6,000 for those over 50. If you are under 50 and contribute $2,000 to your Roth IRA then you can only contribute $3,000 to your Traditional IRA. For a traditional IRA, you no longer can contribute after the age of 70 1/2 (RMD checks in). For Roth, you can contribute forever since no RMD are taken from this type of IRA account.
Yes. An individual may make IRA contributions to both a Roth and aTraditional IRA, providing the combined contribution total does not exceed the contribution limit for the year.