IRA contribution at age 70?

Submitted by Vickie Intriago on Thu, 2019-12-19 19:43

Client turned age 70 on December 9, 2019. He has not been working but his wife is still working so he has been contributing to his IRA. Can he contribute anything 2020?

Or, should he wait until he reaches 70 1/2 and stop contributing to his IRA?

Thanks



Submitted by David Mertz on Thu, 2019-12-19 20:45

  • Because the client will not have reached age 70½ in 2019 the client is eligible to contribute to a traditional IRA for 2019, with the deadline for making that contribution being April 15, 2020.  If the Further Consolidated Appropriations Act, 2020 becomes law as currently written, age would no longer be a factor in determining eligibility to make a traditional IRA contribution for 2020 and beyond since it removes the age limitation.
  • Age is already not a factor in determining eligibility to make a Roth IRA contribution.

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