IRAs (Individual Retiremeent Accounts) were created with the passage of the Employee Retirement Income Security Act of 1974 (ERISA). However, IRAs were not widely available to the general public until the passage of the Economic Recovery Tax Act of 1981 (ERTA). The trustee or custodian of an IRA must be a bank, a federally-insured credit union, a savings and loan association or other person approved by the Internal Revenue Service to act as trustee or custodian.
To establish a Traditional or Roth IRA, an individual must receive compensation. Annual contributions are limited to the lesser of $3,000 or 100% of compensation for the year. An individual may allocate contributions to more than one regular IRA in any given year as long as the total amount contributed does not exceed the applicable limits.
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The trustee or custodian of an IRA must be a bank, a federally-insured credit union, a savings and loan association or other person approved by the Internal Revenue Service to act as trustee or custodian.
To establish a Traditional or Roth IRA, an individual must receive compensation. Annual contributions are limited to the lesser of $3,000 or 100% of compensation for the year.