There are no income limits for traditional IRAs 1; however, there are income limits for tax-deductible contributions. There are income limits for Roth IRAs. You can contribute to a traditional IRA regardless of how much money you make. However, you don't qualify to open or contribute to a Roth IRA account if you make too much money.
If you make too much money, you may still be able to contribute to a Roth IRA through a strategy called a clandestine Roth IRA. If your income prevents you from directly contributing to a Roth IRA, you can still enjoy the tax savings of a Roth IRA if you opt for a Roth account renewal. A spousal IRA is an IRA open to a spouse with no income of their own, usually by providing unpaid work to their household. Yes, a person under 18 can contribute to a Roth IRA or a traditional IRA as long as they meet earned income requirements and do not exceed income limits.