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Who can contribute to an IRA?

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Who can contribute to an IRA?
You can set up and make contributions to a traditional IRA if:
  • You (or, if you file a joint return, your spouse) received taxable compensation during the year, and
  • You were not age 70½ by the end of the year.


You can have a traditional IRA whether or not you are covered by any other retirement plan. However, you may not be able to deduct all of your contributions if you or your spouse is covered by an employer retirement plan.
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Can you contribute to an IRA after you have retired?

Eligible Compensation You must have eligible compensation in order to be eligible to contribute to an IRA. For IRA purposes, eligible compensation includes wages, salaries, t

Is there a limit to how much you can contribute to an IRA?

  Yes. Anyone with earned income can contribute up to $4,000 (or $5,000 if your are 50 or over) in 2007 and $5,000 (or $6,000 in 2008). In order to make before tax contrib

Can you contribute to a Roth IRA after you have retired?

You cannot contribute more to your IRA than the amount of your "compensation income." Compensation income is the taxable portion of your wages/salary, net self-employment, and

How you get tax benefit in IRA contribution?

  The money you invest is from before tax...so say you normally make $100 and pay tax of $25, you would have $75 to invest. By being allowed to use before tax money, the e
Can employers make contributions to roth IRA?

Can employers make contributions to roth IRA?

Yes and no, if an employer contributes to your Roth IRA directly the employer must report it as income to you. Since it is income they must also report it to uncle sam as taxa

Can you contribute to a Traditional IRA and a Roth IRA?

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

Can you contribute to an IRA or 401k after age 70.5?

You cannot contribute to a Roth IRA, however you can contribute to a traditional IRA at 70.5 years of age. As long as you are employed, you can also contribute to a 401k as w

Can you contribute to an IRA if you are contributing to a 401k?

Yes, 2 separate things (accounts). The 401K investing doesn't affect the contribution amount allowed into the IRA.   However, if you are contributing to a 401k, you are an

Can you contribute to an IRA with workman's comp?

The initial requirement is that a person gains taxable income to  initiate an IRA. Exceptions include workerman's comp, social  security, or disability. However, there is a

How can you make a contribution to your IRA?

If you already have an IRA set up with your bank or another financial institution, all you have to do is write a check or transfer the money to your IRA account. If you need h