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Roxanne7
Level 1
April 11, 2023
Solved

Funding an IRA

  • April 11, 2023
  • 4 replies
  • 7 views

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

This topic has been closed for replies.
Best answer by qbteachmt

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.

4 replies

sjrcpa
sjrcpa
Level 15
April 11, 2023

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

The more I know the more I don’t know.
    qbteachmt
    qbteachmt
    Level 15
    April 11, 2023

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

    Don't yell at us; we're volunteers
      abctax55
      abctax55
      Level 15
      April 11, 2023

      Yes

      HumanKind... Be Both
        qbteachmt
        qbteachmtAnswer
        Level 15
        April 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.

        Don't yell at us; we're volunteers
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