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Who can contribute to an IRA?

April 26, 2017contribute IRA

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10 Posted

Who can contribute to an IRA?

3 Answers

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10 Posted

Traditional IRA can be opened by anyone with earned income who is under 70 at the end of the year. The Roth IRA can be opened by anyone with earned income, regardless of age, if their adjusted gross income meets the limits outlined in Table 2. In addition, non-working spouses can also open either a Traditional or Roth IRA at the same contribution levels. They can also take advantage of the same catch-up provision if they are age 50 or over.

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A Traditional IRA can be opened by anyone with earned income who is under 70 at the end of the year. The Roth IRA can be opened by anyone with earned income, regardless of age, if their adjusted gross income meets the limits outlined in Table 2. In addition, non-working spouses can also open either a Traditional or Roth IRA at the same contribution levels. They can also take advantage of the same catch-up provision if they are age 50 or over.

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A traditional IRA can be opened by anyone with earned income who is under 70½. A Roth IRA can be opened by anyone with earned income, regardless of age, if their adjusted gross income is below $110,000 (single) or $160,000 (joint).