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.
You can contribute to a Roth IRA if, in 2014, 1  you received taxable compensation during the year, and. 2  your modified Adjusted Gross Income is less than. 3  $191,000 for married filing jointly or qualifying widow(er). contribution you made in violation of the above rules is called an âexcess contribution.â A 6% excise tax applies when excess contributions are made to traditional or Roth IRAs. This tax is applied for each year that the contribution remains in the account.