Roth contributions for client turning 50 later this year
I have a client that will turn age 50, later this year. Can the higher $6,000 contribution be made now, based upon the age they will have attained by 12/31, or does she actually have to wait until next year? Since RMDs are based upon year-end age, I assume that this is the same for contributions to IRAs, including Roths.
Permalink Submitted by Alan Spross on Mon, 2010-02-01 19:48
You are correct. The catchup contribution amount can be made anytime during the calendar year as long as the client will reach 50 by year end.
Permalink Submitted by Anonymous (not verified) on Mon, 2010-02-01 19:55
Based on your post, I could not tell if your client will contribute for 2009 or 2010. If 2009 (by April 15, 2010), he would not be eligible for the the catch-up.
pko
Permalink Submitted by Tom Brattain on Mon, 2010-02-01 21:26
Thanks for the posts. The contribution will be for 2010, so my assumption was correct.