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, tips, commissions received as a percentage of sales, taxable alimony and separate maintenance payment you receive under a decree of divorce or separate maintenance. If you are a sole proprietor or a partner, your compensation is based on your net earnings from your trade or business, reduced by contributions to any employer-sponsored plan that you adopt and any deduction allowed for 50% of your self-employment taxes (see page 7 of the 2004 version of IRS Publication 590).
Amounts you receive as interest, dividends, pension, annuity, earnings and profits from property investments, and any amount you exclude from your income are not considered eligible compensation for IRA purposes.
You can contribute to both a 401K and an IRA at the same time (same year).
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 alimony. Any amount shown in box 1 of a W-2 minus the amount shown in box 11 of the same W-2 is automatically considered taxable compensation income. So if you are not doing some kind of work or receiving alimony, you can't contribute. There is no age limit for contributions to a Roth IRA. People over 70 1/2 cannot contribute to a traditional IRA.
yes
70
yes
Yes
Yes.as long as you do not contribute more than your annual limit.
You can contribute to both a 401K and an IRA at the same time (same year).
You can contribute to a Roth IRA after age 70.5 as long as you have earned income, but you cannot contribute to a traditional IRA after that age. For a 401(k) plan, it depends on the rules of the specific plan, but typically you can continue to contribute to it past age 70.5 as long as you are still working and the plan allows for it.
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 alimony. Any amount shown in box 1 of a W-2 minus the amount shown in box 11 of the same W-2 is automatically considered taxable compensation income. So if you are not doing some kind of work or receiving alimony, you can't contribute. There is no age limit for contributions to a Roth IRA. People over 70 1/2 cannot contribute to a traditional IRA.
no
YES
yes
70
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
Is teacher retirement a traditional ira?