Appendix C: Manual Journal Entry Template ............................................................................................... 1. accounting principles, and stored in a uniform and consistent manner for easy accessibility. knowledgeable of journal entry policies and procedures.
The earned income includes compensation from salary, wages, commissions, bonuses and alimony. Income from interest, dividends, annuities or pensions does not count as earned income in the eyes of the IRS. The contribution limit for a Roth IRA is the same as the contribution limit for a regular IRA.
Each year, you can contribute any amount up to the maximum amount. And, you can contribute at any time during the year. Because of the IRA tax benefits (see next section), the deadline for making contributions is tied to the date by which your income tax returns must be filed.For example, IRA contributions for 2011 must be made by April 15, 2012. Traditional Individual Retirement Account (IRA). 2  The Traditional IRA was the first type of IRA to be established. 3  Contributions you make to these types of plans: 4  Can lower your taxable income by the amount of your contribution, if your income doesnât exceed a certain amount.