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Retirement tax questions
No, the year you turn 70 1/2 you are no longer eligible to contribute to an IRA account.
You cannot contribute to a Traditional IRA once you turn 70 1/2. It you did make a contribution to an IRA at this point it is considered and excess contribution.
You can contribute to a Roth IRA account for 2019 up to $7,000. You need to have at least $7,000 of earned income (wages, commissions, business income) to make this contribution. You do not receive a deduction for the current year but this account grows tax free and when you take out the money the amount you contributed and the growth are tax free.
Link to Retirement Topics- IRA Contribution Limits
[Edited 02/28/20 9:49 am PST]
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‎February 25, 2020
8:43 AM
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