Understanding IRA Accounts - Traditional, Roth
IRA Eligibility
You can set up an IRA if you have any income at all or money that is reported on your W-2 statement. Essentially, if you worked and were paid for it you can have an IRA, and it does not matter if you were paid $100 dollars or $100 million last year. The Internal Revenue Service (IRS) allows you to contribute up to $2,000 of your earned income (or the amount you earned if it is less than $2,000) into an IRA, as long as you are under age 70s.