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There is no age limit for contributing to a traditional IRA, but contributions to a traditional IRA are no longer allowed once a person reaches the age of 70 ½. For a Roth IRA, there is no age limit for contributions as long as the individual has earned income.

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1y ago

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Related Questions

What age can a person no longer contribute to traditional IRA?

[70] million years old


How much money can I contribute to a Roth IRA?

As of right now you can contribute up to $5500 each year to a Roth IRA. If you are over 50 years of age, you can contribute an additional $1000 for a total annual contribution of $6500.


As of 2011 how much money can a person under the age 50 contribute to a traditional IRA?

$5,000


Can you contribute more than 5000 dollars a year into your IRA?

You can contribute as much as you want to an IRA, but you would pay an excess contribution tax on the amount over $5,000. If you are over 50 you can contribute an additional $1,500 ($6,500 total) without penalty.


Can your spouse contribute to a Roth IRA after he has retired?

No, in order to contribute to a Roth IRA, an individual must have earned income. Retirement income, such as pensions or Social Security benefits, does not count as earned income for the purposes of contributing to a Roth IRA. Therefore, if your spouse has retired and is no longer earning income from work, they would not be eligible to contribute to a Roth IRA.


Can I contribute to both a Simple IRA and a Traditional IRA?

No, you cannot contribute to both a Simple IRA and a Traditional IRA in the same year.


If you have a 401k and an IRA can you convert some of your IRA to a roth IRA and contribute to your IRA?

Yes.as long as you do not contribute more than your annual limit.


Is it possible for me to contribute to both a Simple IRA and a Traditional IRA in the same year?

No, you cannot contribute to both a Simple IRA and a Traditional IRA in the same year. You must choose one type of IRA to contribute to for that tax year.


Can I contribute post-tax money to an IRA?

Yes, you can contribute post-tax money to a Roth IRA, but not to a traditional IRA.


If you do not contribute to your 401-k can you contribute to an IRA?

You can contribute to both a 401K and an IRA at the same time (same year).


At what age can a person no longer contribute to a traditional IRA?

There is no age limit for contributing to a traditional IRA, as long as the individual has earned income. However, individuals must start taking required minimum distributions (RMDs) from their traditional IRA starting at age 72 (previously 70 ½).


Can you contribute to a Traditional IRA and a Roth IRA?

Yes, but combined contribution limits apply. For 2008 the maximum contribution amount is $5,000 for individuals under 50 years of age and $6,000 for those over 50. If you are under 50 and contribute $2,000 to your Roth IRA then you can only contribute $3,000 to your Traditional IRA. For a traditional IRA, you no longer can contribute after the age of 70 1/2 (RMD checks in). For Roth, you can contribute forever since no RMD are taken from this type of IRA account.