Series 7: 16.3. Individual Retirement Accounts (IRAs)

Taken from our Series 7 Online Guide

16.3. Individual Retirement Accounts (IRAs)

In its materials, the IRS refers to the individual retirement arrangement, which encompasses both the individual retirement account and the individual retirement annuity. This text will discuss only the individual retirement account and will use the acronym IRA to refer to only that type of retirement plan account.

All IRA contributions must be made only from earned income, as opposed to passive income. Earned income typically means wages, or as the IRS puts it, taxable compensation. (Unearned income includes dividends, capital gains, and interest on securities; Social Security benefits; unemployment benefits; child support; rental income; and inherited funds.) IRA contributions are limited to $6,000 pe

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