Who is ineligible to contribute to an ira?

It depends on what type of IRA it is. Just about anyone can contribute to a traditional IRA, as long as you (or your spouse) receive taxable income and are under 70 and a half years old. However, your contributions are tax-deductible only if you meet certain requirements. For more information on those qualifications, see Who can contribute to a traditional IRA? While it is ultimately the responsibility of the IRA owner to know if he is eligible to make an IRA contribution, telling him the right resources beforehand can save him time and money in the long run.

Contributions to the Roth IRA may be limited by the person or couple's modified adjusted gross income (MAGI). However, you can still contribute to a Roth IRA and make cumulative contributions to a Roth or traditional IRA, regardless of your age. Initial tax relief is one of the main things that differentiate the rules of traditional IRAs from Roth IRAs, in which taxes are not allowed to be deducted for contributions. Nowadays, in order to make a contribution to a traditional IRA, the owner (or spouse) of an IRA only needs to have eligible compensation.

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