Solved: Can I make a "normal" IRA contribution for 2016 prior to April 2017, given that I had earned income in 2016 and will turn 701/2 on March 20, 2017?

Can I make a "normal" IRA contribution for 2016 prior to April 2017, given that I had earned income in 2016 and will turn 701/2 on March 20, 2017?

I did not make an IRA contribution in calendar year 2016.

posted

Yes. Since the contribution, to a Traditional IRA, will be for tax year 2016 (before you turned 70-1/2).

Although you will be barred from making a traditional IRA contribution, for tax year 2017, you can make Roth IRA contributions past 70-1/2 as long as you have earned income compensation.

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Yes. Since the contribution, to a Traditional IRA, will be for tax year 2016 (before you turned 70-1/2).

Although you will be barred from making a traditional IRA contribution, for tax year 2017, you can make Roth IRA contributions past 70-1/2 as long as you have earned income compensation.