Can a person turning 70 1/2 this year still open or contribute to an IRA?

[KarenJ · Accepted solution]

No, not if you are 701/2 by the end of the year.

You can open and contribute to a Traditional IRA if you (or your spouse, if you file a joint return) received taxable compensation during the year and were not age 70½ by the end of the year.

You can have a Traditional IRA even if you are covered by another retirement plan. However, you may not be able to deduct all of your contributions if you or your spouse are covered by an employer retirement plan and you cannot have a joint IRA.

For 2019 the most that can be contributed to a traditional IRA is the smaller of:

• $6,000 ($7,000) if you are age 50 or older); or
• your taxable compensation if it was less than this dollar limit