Ill be 74 in Nov 2022, can i contribute $7000 to my traditional IRA?

jamesmhagan · ‎March 12, 2022

LeonardS · ‎March 12, 2022

Yes, if you're age 50 or older the total contributions you make each year to all of your traditional IRAs and Roth IRAs can't be more than $7,000

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macuser_22 · ‎March 12, 2022

Yes as long as the money comes from "taxable compensation".

(Taxable compensation is generally wages that you worked for - W-2 or net self-employed income minus the deductible part of the SE tax, but can include commissions, certain alimony and separate maintenance, and nontaxable combat pay ).

See IRS Pub 590A "What is compensation" for details:
https://www.irs.gov/publications/p590a#en_US_2020_publink1000230355

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**