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Internal Revenue Code Simplified

What type of income not eligible for IRA account?

750 viewsMarch 13, 2020Tax deduction
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Prashant Thakur450 March 13, 2020 0 Comments
Prashant Thakur Changed status to publish March 13, 2020

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Prashant Thakur450 Posted March 13, 2020 0 Comments

Following type of income is not eligible to participate in the IRA including Roth IRA.Some types of income don’t count as earned income, including:

  1. Social Security
  2. Income from rental property
  3. Alimony
  4. Child support
  5. Interest and dividends from investments
  6. Pay you received while an inmate in a penal institution
  7. Retirement income
  8. Unemployment benefits

Basically law requires that for IRA accounts, a person must have Earned Income which basically means money from wages, salaries, tips, bonuses, commissions, and self-employment income.

Prashant Thakur Changed status to publish March 13, 2020
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