Who Can Open a Traditional IRA ?

Who Can Open a Traditional IRA ?

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.

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