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Eligibility
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IRA Eligibility

Please refer to the eligibility requirements below to help determine which IRA best fits your needs.
 

You may qualify for a Traditional IRA if:

  • You did, or you will receive earned income for the tax year specified
  • You will be under the age of 70 ½ by December 31 of the tax year specified


You may qualify for a Traditional Spousal IRA if:

  • You or your spouse did, or will receive earned income for the tax year specified
  • You will be under the age of 70 ½ by December 31 of the tax year specified
  • You and your spouse will file a joint federal income tax return for the year specified


You may qualify for a Roth IRA if:

  • You did, or you will receive earned income for the tax year specified
  • You and your spouse (if applicable) did, or will receive Modified Adjusted Gross Income, (MAGI), less than the maximum permitted for the tax year specified
    • For 2018, the maximum MAGI limit is $189,000 for married filing jointly, $120,000 for single, and $10,000 for married filing individually
    • For 2019, the maximum MAGI limit is $193,000 for married filing jointly, $122,000 for single, and $10,000 for married filing individually
    • Your contribution may be limited if your MAGI exceeds certain income limits
       

You may qualify for a Roth Spousal IRA if:

  • You or your spouse did, or will receive earned income for the tax year specified
  • You and your spouse will file a joint federal income tax return for the year specified
  • You and your spouse did, or will receive Modified Adjusted Gross Income, (MAGI), less than the maximum permitted for the tax year specified
    • For 2018, the maximum MAGI limit is $189,000
    • For 2019, the maximum MAGI limit is $193,000
    • Your contribution may be limited if your MAGI exceeds certain income limits

 

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