IRA contribution after age 70
A person must begin taking distributions from his or her IRA the year following age 701/2. If a person is still working full time after age 701/2 and he or she has a simple plan or an IRA can that person still make contributions to the plan and deduct the contributions from his or her income in computing income taxes.?
Permalink Submitted by Alan - IRA critic on Tue, 2016-06-28 18:30
Yes. Pre tax contributions can be made to a SEP or SIMPLE IRA after 70.5, however RMDs must also be taken from these accounts. The only IRA type for which contributions must stop at 70.5 are traditional IRA accounts.