Making IRA contributions after Age 70 1/2
I have a client who turns 70 1/2 on Dec 9, 2010. She does work part time. When does she lose her eligibility to make contributions to an IRA? Is 2009 her last year or can she make contributions in 2010?
I have a client who turns 70 1/2 on Dec 9, 2010. She does work part time. When does she lose her eligibility to make contributions to an IRA? Is 2009 her last year or can she make contributions in 2010?
Permalink Submitted by Alan Spross on Mon, 2009-11-02 19:46
For traditional IRA, she cannot make a contribution FOR 2010 or later years, but she can make a contribution IN 2010 for 2009.
For a Roth IRA, she can make contributions FOR ANY YEAR in which she has taxable compensation.
Permalink Submitted by Allen Broyles on Mon, 2009-11-02 20:15
Thank you for your response. I thought that might be case and I appreciate your confirmation.