Answered: Funding an IRA

Roxanne7 · ‎04-11-2023

Can my client fund their 2022 Traditional IRA with a loan from their margin account?

qbteachmt · ‎04-11-2023

Perhaps it also needs to be stated: this margin account cannot be how they "earned" money. Eligibility for contributing to an IRA is not by margin investing.

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sjrcpa · ‎04-11-2023

IRS doesn't care where they get the money for the IRA contribution.

Ex-AllStar

qbteachmt · ‎04-11-2023

They can find the money in a gutter, for all it matters. No one cares where the money comes from.

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abctax55 · ‎04-11-2023

Yes

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qbteachmt · ‎04-11-2023

Perhaps it also needs to be stated: this margin account cannot be how they "earned" money. Eligibility for contributing to an IRA is not by margin investing.

*******************************
"Level Up" is a gaming function, not a real life function.

Funding an IRA

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