Who can contribute to an IRA?

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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 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 with workman's comp?

The initial requirement is that a person gains taxable income toinitiate an IRA. Exceptions include workerman's comp, socialsecurity, or disability. However, there is a cap of

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 entire

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

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 act

Are IRA contributions taxable or nontaxable?

It could be either one. There are primarily two types of IRAs, one being the traditional IRA and the newer Roth IRA. Easiest first in that the Roth is never tax deductible but

Can you contribute to both a Roth IRA and an IRA?

Yes. An individual may make IRA contributions to both a Roth and a TraditionalIRA , providing the combined contribution total does not exceedthe contribution limit for the y

How can you contribute to your SEP IRA?

SEP IRAs are treated as the same as any other IRA, and so can be contributed to in the same ways. No more than 25% of an employee's wages may be contributed, but if someone is

What contributions does the Roth IRA make?

For 2013, the maximum you can contribute to all of your Roth IRA's is the smaller of $5,500 ($6,500 if over the age of fifty) or your taxable compensation for the year. The IR

What is a Roth IRA contribution?

A Roth IRA is a certain type of retirement plan under US law that is generally not taxed, provided certain conditions are met. The tax law of the United States allows a tax re