I am 80 years old and self employed, profitable. Can I contribute to an IRA.

[DoninGA · Accepted solution]

Contribution to a Traditional IRA - No. You must be under age 70 1/2

Contribution to a Roth IRA - Yes.  There is no age limit if you have taxable compensation.

See this IRS website for information on IRA contributions - https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-li...

[dmertz]

With income from self employment, you can also contribute to a SEP-IRA or a SIMPLE IRA.  While a SIMPLE IRA must be established by October 1 of the tax year for which you will be making a contribution (too late now for a contribution for 2016), you have until the filing deadline of your tax return to establish a SEP plan and make a SEP-IRA contribution.  The maximum amount that you can contribute to a SEP-IRA depends on your net income from self employment; TurboTax automatically calculates the maximum permissible SEP-IRA contribution when you mark the SEP Maximize box.  If you have employees, you must also make contributions for your eligible employees.  See IRS Pub 560:  <a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-pdf/p560.pdf">https://www.irs.gov/pub/irs-pdf/p560.pdf</a>