IRA Contributions
I’m currently working with a gentleman who is age 83. In 2008 (at age 81) he made an IRA contribution of $6,000. Is this legal?
I’m currently working with a gentleman who is age 83. In 2008 (at age 81) he made an IRA contribution of $6,000. Is this legal?
Permalink Submitted by Marvin Rotenberg on Tue, 2010-02-16 21:03
In traditional IRA you can not contribute after age 70 1/2. You can contribute to a Roth IRA after age 70 1/2 if you have earned income.
Marvin
Permalink Submitted by tomd37 on Tue, 2010-02-16 21:46
Marvin – How, if at all, would a much younger wage earning spouse affect this situation?
Permalink Submitted by Jose Morales on Wed, 2010-02-17 17:40
If the spouse was not turning 70 1/2 in the year the contribution was made or younger and they have earned income, the older spouse could make a contribution on behalf of the younger spouse. It would have to have gone into an IRA in the spouses name. He could not make a contribution into his own IRA and claim it as having been made on behalf of the spouse.