Permalink Submitted by Alan - IRA critic on Tue, 2024-05-21 19:04
Yes, the still working exception does not apply to IRAs, only to qualified plans. The individual should also be aware of the QCD anti abuse rule under which a deductible TIRA contribution made at 70.5 or later will affect the amount of any QCDs that person might make. Therefore, if person plans to make QCDs, they are probably better off making a Roth contribution if their MAGI is not too high for a Roth contribution.
Permalink Submitted by Alan - IRA critic on Tue, 2024-05-21 19:04
Yes, the still working exception does not apply to IRAs, only to qualified plans. The individual should also be aware of the QCD anti abuse rule under which a deductible TIRA contribution made at 70.5 or later will affect the amount of any QCDs that person might make. Therefore, if person plans to make QCDs, they are probably better off making a Roth contribution if their MAGI is not too high for a Roth contribution.