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Can I contribute to an existing IRA; I'm over 75 yrs. I'm…

Customer Question
Can I contribute to...

Can I contribute to an existing IRA; I'm over 75 yrs

Accountant's Assistant: The Retirement Accountant will know how to help. Please tell me more, so we can help you best.

I'm over 75years; can I contribute to an existing IRA?

Accountant's Assistant: Is there anything else the Retirement Accountant should be aware of?

I am currently collecting from a 403b annuity

Submitted: 2 months ago.Category: Social Security
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Answered in 1 minute by:
12/16/2017
Social Security Expert: Loren, Attorney replied 2 months ago
Loren
Loren, Attorney
Category: Social Security
Satisfied Customers: 36,325
Experience: Attorney
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Social Security Expert: Loren, Attorney replied 2 months ago

The rules for post-70 ½ IRA contributions depend upon whether the account is a traditional IRA, Roth IRA or SEP IRA. Direct contributions to a traditional IRA are not permitted after the client reaches age 70 ½, although the client may roll funds from another type of retirement account into his or her traditional IRA.

Conversely, the client may contribute directly to a Roth IRA after he or she has reached age 70 ½ (up to the annual $6,500 limit, which includes a $1,000 catch up amount). Direct Roth IRA contributions, however, are subject to income limitations that apply to reduce the contribution limits for taxpayers who earn more than $184,000 (married taxpayers) or $117,000 (single taxpayers).

If (and only if) you are completely satisfied that your question is answered, please remember to leave a favorable rating (click 5 stars in the rating section on this page). It is the only way that I am credited by JustAnswer for answering your question.

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Social Security Expert: Loren, Attorney replied 2 months ago

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