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IRA

Forum|Forum|4 years ago
October 27, 2021
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I turned 70 this year and will be 70-1/2 in February 2022. Can I take an IRA this year?

Best answer by DoninGA

Since I am older, I can contribute $7,000 to an IRA in 2021, correct? My spouse is not working, can I contribute more for my spouse or can my spouse (age 76) take out an IRA based on my income?

@vintagetraveler wrote:

Since I am older, I can contribute $7,000 to an IRA in 2021, correct? My spouse is not working, can I contribute more for my spouse or can my spouse (age 76) take out an IRA based on my income?

Assuming that you will have enough taxable compensation for the year, you can contribute up to $7,000 to your IRA and you can contribute up to $7,000 to your spouse's IRA.

DoninGA

Do you mean can you contribute to a Traditional IRA?

For tax years beginning after December 31, 2019, the rule that you are not able to make contributions to your traditional IRA for the year in which you reach age 70½ and all later years has been repealed.

V

vintagetravelerAuthor

So does that mean I can still take out an IRA each year as a tax deduction? At age 70-1/4 and next year at age 70-1/2 ?

Critter-3

It means as long as you have earned income you can continue to make deductible IRA contributions every tax year even when you are required to start taking distributions when you turn 72.