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Who is eligible to open an IRA?

April 26, 2017eligible IRA

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Who is eligible to open an IRA?

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Anyone who receives taxable compensation or a self-employed income is eligible for an IRA. For a Traditional IRA, the person must be under the age of 70 ½ by the end of the year they are applying. For a Roth IRA, you can contribute at any age; however contribution allowances depend on marital status and income. Educational IRAs are available for children under the age of 18 and all contributions must end when the child turns 18.