☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 2
posted Jun 4, 2019 3:50:58 PM

Can i contribute to my ira if i now have to manditorily make annual withdrawals

0 2 349
1 Best answer
Expert Alumni
Jun 4, 2019 3:50:59 PM

Probably not. Did you turn 70 1/2 in 2016 or will you in 2017?

If you have mandatory withdrawals, that means you have a Traditional IRA and are 70 1/2. You can no longer make Traditional IRA contributions in the year you turn 70 1/2.

https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-li...

If you turn 70 1/2 in 2017, you can make a Traditional IRA contribution for 2016 (by 4/18) if you still have earned income/ compensation.

2 Replies
Expert Alumni
Jun 4, 2019 3:50:59 PM

Probably not. Did you turn 70 1/2 in 2016 or will you in 2017?

If you have mandatory withdrawals, that means you have a Traditional IRA and are 70 1/2. You can no longer make Traditional IRA contributions in the year you turn 70 1/2.

https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-li...

If you turn 70 1/2 in 2017, you can make a Traditional IRA contribution for 2016 (by 4/18) if you still have earned income/ compensation.

Level 15
Jun 4, 2019 3:51:01 PM

But there is no age limit to contribute to a Roth IRA.