An IRA contribution is the dollar amount that an IRA holder (or employer) puts into their IRA. Each type of IRA has an annual IRA contribution limit and date by which the contribution must be made.
Fair Market Valuation
A Fair Market Valuation (FMV) is used to assign the value of an asset. An appraisal along with an FMV Form must be submitted to Entrust on a yearly basis. Entrust is required to provide the FMV to the IRS for every asset held.
A prohibited transaction is any improper use of your traditional IRA account or annuity by you, your beneficiary, or any disqualified person.