Contribution Eligibility. You are eligible to make a regular contribution to your Xxxx XXX, regardless of your age, if you have compensation and your MAGI is below the maximum threshold. Your Xxxx XXX contribution is not limited by your participation in an employer-sponsored retirement plan, other than a Traditional IRA.
Contribution Eligibility. For tax years beginning before 2020, you are eligible to make a regular contribution to your IRA if you have compensation and have not attained age 70½ by the end of the taxable year for which the contribution is made. For 2020 and later tax years, you may make a regular contribution to your IRA at any age if you have compensation.
Contribution Eligibility. You are eligible to make a regular contribution to your XXX if you have compensation and have not attained age 70½ by the end of the taxable year for which the contribution is made.
Contribution Eligibility. You are eligible to make a regular contribution to your IRA if you have compensation and have not attained age 70½ by the end of the taxable year for which the contribution is made.
Contribution Eligibility. You are an eligible individual for any month if you (1) are covered under an HDHP on the first day of such month; (2) are not also covered by any other health plan that is not an HDHP and that provides coverage for any benefit covered under the HDHP (with limited exceptions); (3) are not enrolled in Medicare; and (4) are not eligible to be claimed as a dependent on another person’s tax return. In general, an HDHP is a health plan that satisfies certain requirements with respect to deductibles and out-of-pocket expenses. Specifically, an HDHP has an annual deductible of at least $1,350 (for 2018 and 2019) for self-only coverage and at least $2,700 (for 2018 and 2019) for family coverage. In addition, the sum of the annual out-of-pocket expenses required to be paid (deductibles, copayments, and amounts other than premiums) cannot exceed $6,650 (for 2018) or $6,750 (for 2019) for self-only coverage and $13,300 (for 2018) or $13,500 (for 2019) for family coverage. All of these dollar amounts may be adjusted annually for cost-of-living increases.
Contribution Eligibility. You may set up and contribute to your IRA if you (or, if you file a joint tax return, your spouse) received compensation during the year, and you did not reach age 70½ by the end of the year. No contributions may be made to your IRA for the year you reach age 70½ or for subsequent years. You are responsible for determining your eligibility to make IRA contributions. Definition of Compensation: Compensation includes wages, salary, commissions, bonuses, tips, and other amounts received from providing personal services. If you are self-employed, your compensation is your “earned income.” Taxable alimony received under a valid divorce decree, separate maintenance agreement, or other valid court order is considered compensation. Nontaxable combat zone pay received by members of the armed forces is generally considered compensation. Compensation for purposes of making IRA contributions includes differential wage payments made by some employers to employees who have been called to active duty. The IRS treats as compensation any amount properly shown on your Form W-2 as “wages, tips, and other compensation” reduced by the amount shown on that form as distributions from nonqualified plans. Compensation does not include investment earnings, pension or annuity income or other amounts you receive for which your services are not a material income-producing factor.
Contribution Eligibility. You are eligible to make a regular contribution to your IRA for a tax year if you have compensation for the taxable year for which the contribution is made.
Contribution Eligibility. You are an eligible individual for any month if you (i) are covered under an HDHP on the first day of such month; (ii) are not also covered by any other health plan that is not an HDHP and that provides coverage for any benefit covered under the HDHP (with limited exceptions such as a Limited Purpose Health Flexible Spending Account); (iii) are not enrolled in Medicare; and (iv) are not claimed as a dependent on another person’s tax return. In general, an HDHP is a health plan that satisfies certain requirements with respect to deductibles and out-of-pocket expenses, as adjusted for inflation. For calendar year 2015, for self-only coverage, an HDHP has an annual deductible of at least $1,300 and the sum of the annual out-of-pocket expenses required to be paid (deductibles, co-payments and amounts other than premiums) cannot exceed $6,450. For calendar year 2016, for self-only coverage, an HDHP has an annual deductible of at least $1,300 and the sum of the annual out-of-pocket expenses required to be paid (deductibles, co- payments and amounts other than premiums) cannot exceed $6,550. For calendar year 2015, for family coverage, an HDHP has an annual deductible of at least $2, 600 and the sum of the annual out-of-pocket expenses cannot exceed $12, 900. For calendar year 2016, for family coverage, an HDHP has an annual deductible of at least $2,600 and the sum of the annual out-of-pocket expenses cannot exceed $13,100. All of these dollar amounts are adjusted for cost-of-living increases.
Contribution Eligibility. For tax years beginning before 2020, you are eligible to make a regular contribution to your XXX if you have compensation and have not attained age 70½ by the end of the taxable year for which the contribution is made. For 2020 and later tax years, you may make a regular contribution to your XXX at any age if you have compensation.
Contribution Eligibility. Regardless of your age, you may contribute to a Xxxx XXX if you (or, if you file a joint tax return, your spouse) received compensation during the year and if your modified adjusted gross income (MAGI) does not exceed the allowable limit of $191,000 (for 2014) or $193,000 (for 2015) if you are a married individual filing a joint income tax return, or $129,000 (for 2014) or $131,000 (for 2015) if you are a single individual. The MAGI limits listed above will be increased annually to reflect a cost-of- living adjustment, if any. You are responsible for determining your eligibility to make Xxxx XXX contributions. If you are a married individual who files a separate return, your MAGI must not exceed $10,000. For more information on determining your eligibility to contribute to a Xxxx XXX, consult your tax advisor, instructions to Form 1040 and/or IRS Publication 590-A. Definition of Compensation. Compensation includes wages, salaries, commissions, bonuses, tips, and other amounts received from providing personal services. If you are self-employed, your compensation is your “earned income.” Taxable alimony received under a valid divorce decree, separate maintenance agreement, or other valid court order is considered compensation. Nontaxable combat zone pay received by members of the armed forces is generally considered compensation. Compensation for purposes of making Xxxx XXX contributions includes differential wage payments made by some employers to employees who have been called to active duty. The IRS treats as compensation any amount properly shown on your Form W-2 as “wages, tips, and other compensation” reduced by the amount shown on that form as distributions from nonqualified plans. Compensation does not include investment earnings, pension or annuity income or other amounts you receive for which your services are not a material income-producing factor.
