IRA Contributions: Eligibility and Deadlines

IRA Contributions: Eligibility and Deadlines

If you are doing so, it is important to ensure you satisfy the contribution eligibility requirements in order to avoid IRS-assessed penalties. You must have eligible compensation in order to be eligible to contribute to an IRA. For IRA purposes, eligible compensation includes wages, salaries, tips, commissions received as a percentage of sales, taxable alimony and separate maintenance payment you receive under a decree of divorce or separate maintenance.