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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.


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).


Roth IRA Basic Rules?

A Roth IRA has the same rules as a traditional IRA with a few notable exceptions. Contributions to a Roth IRA are not tax-deductible as contributions to a traditional IRA. A person can only contribute up to a certain amount to the IRA each year and there is a maximum income limit. If a person earns more than the limit, she can contribute to a traditional IRA but not the RothContribution LimitsIf a person has an adjusted gross income that is less than $122,000 in 2011, she can contribute up to $5,000 to a Roth IRA. People who are married and file jointly can earn up to $177,000 in 2011 and still contribute to a Roth IRA. She can only contribute money she earns during the year. For example, if her income is $3,500, she can only contribute $3,500 to her IRA. If a person is over age 50, she contribute an extra $1,000 to her IRA each year, for a total of $6,000.The $5,000 limit is the total combined for all the IRAs a person may have. For example, if someone has a Roth and traditional IRA, she may only contribute up to $5,000 total to the accounts, not $5,000 to each account. Married couples can contribute $5,000 each.TaxesUnlike a traditional IRA, the contributions to a Roth IRA are no tax-deductible in the year they are contributed. This has several benefits. When it is time to withdraw the money from a traditional IRA, a person will have to pay tax on the earnings and on the original amount. When it is time to take a withdrawal from a Roth IRA, no taxes are due on the money, for both original contributions and any earnings. Not owing taxes in retirement is beneficial if a person expects that they will be in a higher tax bracket during their retirement years.Other RulesPeople usually need to wait until they are age 59 1/2 before they can withdraw from a Roth IRA. There are a number of exceptions to this rule. For example, a person can use the money in an IRA to purchase their first home. Unlike traditional IRAs, a person can leave the money in the account indefinitely and does not need to begin taking distributions at age 70 1/2.


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.