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Eligibility And Rules About Contributing Money To An IRA (In General)

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There are different rules about eligibility requirements for setting up a Traditional IRA and a Roth IRA. Likewise, there are different requirements about the amount you can contribute each year depending on your situation. There are also restrictions on the amount of contributions to a Traditional IRA you can deduct.

Both types of IRA have the following in common:

  • Contributions can be made any time during the year. They can even be made the following year before the tax is due.
  • Excess contributions are subject to an excise tax.

When you transfer funds from a Traditional IRA to a Roth IRA, or from an employer sponsored retirement plan to an IRA without incurring tax, it is known as a "Rollover."  Rollover rules must be followed strictly in order to avoid taxation. For information about rollovers, click here

To learn the rules about eligibility and contributions to IRA and Roth IRAs, see:

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