Sorry for the confusion Basith
Those ages imply that if you are OLDER than 50, you can contribute more.
The tax friendly part really comes down to your personal belief that if you believe income tax rates will be higher by the time you retire, the strategy is to contribute after-tax funds now into a ROTH, because as long are you keep those funds in the ROTH IRA account for a minimum of 5 year and are older than 59 1/2, you will never be taxed on any earnings the account accrues.
Secondly, if you had funds in a 401K Rollover or Traditional IRA account, you can perform a back-door roth by liquidating the needed funds from either types of accounts, pay the income tax now using current rates and allow the new ROTH IRA to grow at a similar if not fast pace and be tax free going forward.
With regard to the sale of the previously lived-in, investment property, there are alternatives to living in the home for the entire 2 out of the last 5 years, and would be best to file as Married Filing Joint to give you the chance to claim a larger exclusion, if possible.
But eligibilility is only available if for:
a) Change of place of employment
b) Health reasons
c) Other unforeseen circumstances, as specified by the IRS
If you meet any of the above, you would compute the eligible amount of exclusion by dividing 10 months over 24 multiplied by $500000, when filing as Married Filing Joint.
The result would be your exclusion, ONLY if you meet one of the 3 exceptions above.
