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Who is eligible to contribute to a Traditional IRA?

Most people with earned income are eligible to contribute to a Traditional IRA. Earned income includes wages, salaries, tips, bonuses, and self-employment income. As long as you have enough earned income to cover the amount you contribute, you can fund a Traditional IRA.

There are no upper income limits that prevent you from contributing, and you can open a Traditional IRA whether or not you participate in a retirement plan at work. Even if you have a 401(k), 403(b), or another employer plan, you’re still allowed to make Traditional IRA contributions.

The flexibility of these eligibility rules makes Traditional IRAs accessible to many individuals seeking tax-deferred retirement savings.