by Kristin P. Sinclair – A Accu Tax – January 11, 2020
You have decided to pursue a Traditional IRA. That is an Excellent Decision ! So what is your next step ? First check to make certain that you are eligible to open a Traditional IRA for 2019 and/or 2020. Normally you should qualify to open and make contributions to a Traditional IRA if:
- You (or your spouse if you file jointly) received taxable compensation during that tax year (2019 or 2020).
- You were not age 70 ½ by the end of that tax year (2019 or 2020).
Whether or not you are covered by another retirement plan you can start your Traditional IRA. If either you or your spouse is covered by an employer retirement plan; however, then it is important to note that your deductible contributions may be limited.