IRA

Forum|Forum|6 years ago
June 3, 2020
2 replies
4 views

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?

Bsch4477

Level 15

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

macuser_22

Alumni - Champ

@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.**