Series 24: Contributing To An IRA

Taken from our Series 24 Online Guide

Contributing to an IRA

The government puts limits on IRA deduction amounts. All contributions must be made only from earned income as opposed to passive income. Earned income typically means wages. Passive income includes dividends, capital gains, and interest on securities in a portfolio. Rental income and inherited funds would also be considered passive income. Traditional IRA contributions are limited to $5,000 per individual for 2012, but an additional $5,000 can be contributed by the working spous

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