I turned 71 in December of 2019.
I retired from teaching in June of 2019.
During the period from January to June of 2019 I contributed $19,828 to my IRA
I am getting a message that states these funds are considered an excess contribution because the contributions are restricted to people under the age of 70 1/2 yrs old.
I was not 70 1/2 yrs old until June 24th of 2019.
How do I get past this error message?
You'll need to sign in or create an account to connect with an expert.
Traditional IRAs: You can no longer contribute starting in the calendar year you reach 70 1/2 years of age.
@shammersmith48 wrote:
I was not 70 1/2 yrs old until June 24th of 2019.
How do I get past this error message?
You are probably mistaking a pension plan like a 401(k) for an IRA. If reporting on the W-2 in box 12 then you do not enter that anywhere else. Even if you could contribute to a Traditional IRA, the maximum allowed is $7,000.
And it is not the date that you turn 70 1/2, you cannot contribute to a 2019 Traditional IRA if you are 70 1/2 on Dec 31, 2019. (Note that for 2020 and later that age limit has been totally eliminated.)
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
sureshbk
New Member
user17727448620
Level 2
tpr2000
New Member
monuma
Level 1
nylovells
New Member