The following is not meant to be legal advice.
When working at a broker-dealer, an attorney may need to know about IRA accounts. IRA questions may usually be answered by the IRS. There is a tax technician available at most IRS local offices. Usually the questions may also be answered by reading Publication 590.
If a person earns wages, salaries, etc., the person is able to contribute to an IRA account, through a bank or investment company. It does not matter what the person’s age is, but state law may restrict the age to 18 years or 21 years.
A person may also invest in mutual funds with an IRA account. The person should be aware that mutual funds involve investment risk, are not FDIC insured. Bank IRAs, on the other hand, have less of a possibility of loss of investment amount. Bank IRAs are FDIC insured.
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