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If I withdraw from my IRA at age 71 how much do I have to withdraw?
Wiki User
∙ 14y ago
Normally, you must start receiving amounts from your IRA by April 1 of the year after the year in which you reach age 70 1/2. But for 2009 there's a temporary waiver of required minimum payments from your IRA.
To determine your future required minimum payments, see Table II (Joint Life and Last Survivor Expectancy) or Table III (Uniform Lifetime), whichever applies, in Publication 590 (Individual Retirement Arrangements IRAs), at www.irs.gov/formspubs.
Wiki User
∙ 14y ago
Wiki User
∙ 14y agoNormally, you must start receiving amounts from your IRA by April 1 of the year after the year in which you reach age 70-1/2. But for 2009, there's a temporary waiver of required minimum payments from your IRA. To determine your future required minimum payments, see Table II [Joint Life and Last Survivor Expectancy] or Table III [Uniform Lifetime], whichever applies, in Publication 590 [Individual Retirement Arrangements IRAs], at www.irs.gov/formspubs.
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Can a 71 year old contribute to an IRA?
Yes, a 71-year-old can contribute to a traditional IRA as long as they have earned income. They are also eligible to contribute to a Roth IRA regardless of age if they meet income requirements.
Can you contribute to a SEP IRA if you are over 71?
No, you cannot contribute to a SEP IRA if you are over 71, even if you are still working. However, you can still contribute to a traditional IRA if you have earned income.
Can I open a Roth IRA if I'm 71?
No, individuals who are 71 years old or older are not eligible to open a traditional IRA or a Roth IRA. However, if you have earned income, you may be eligible to contribute to a SEP-IRA or a solo 401(k), depending on your self-employment status.
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