You can set up an IRA if you had compensation from wages, commissions, tips, professional fees, or bonuses that are reported on your W-2 statement. So basically, if you worked and were paid for it you can have an IRA, 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 70 ½.
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