IRA Contributions
Just entered a question on whether my client could contribute to an IRA at age 71. Reread FAQ and found a partial answer, but a problem.
My client turned 70.5 last year. We did not realized he should not have contributed to his traditional IRA.
What is the best way to fix this? He & his wife are under the Roth limit.
Recommend that you put a big note on the traditional IRA contribution limit section with the 70.5 age limit.
Permalink Submitted by Jose Morales on Thu, 2018-01-04 20:50
If the amount of the excess contribution is less than the remaining amount they can contribute to a Roth IRA for last year, they can recharacterize the contribution amount up until the tax filing due date.