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IRA

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?

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2 Replies

IRA

Traditional IRAs: You can no longer contribute starting in the calendar year you reach 70 1/2 years of age.

IRA

 

 


@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.)

**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.**

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