Bob Parrish C PA. P.C.

IRA - Who Can Have One?

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TX 915/367-3465

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License Jurisdictions —
CPA: FL, TX

Simply to Help —Helping You
To Keep More Of What You
Earn and Helping You To
Protect What You Keep

  - Help To Keep Your Life In Balance

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Question or Topic

Who may set up and IRA?

The Answer

Who Can Set Up a Traditional IRA?

You can set up and make contributions to a traditional IRA if you (or, if you file a joint return, your spouse) received taxable compensation during the year and you were not age 70 1/2 by the end of the year.

You can have a traditional IRA whether or not you are covered by any other retirement plan. However, you may not be able to deduct all of your contributions if you or your spouse are covered by an employer retirement plan. See How Much Can I Deduct?, later.

Both spouses have compensation. If both you and your spouse have compensation and are under age 70 1/2, each of you can set up an IRA. You cannot both participate in the same IRA.

Solutions are dependent upon facts & circumstances, law and the objectives.  These elements vary from one time to another, from one circumstance to another and from from person or entity to another

 Engagement Status Letter ~ WARNING!

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