I'm 82 and want to know if I can get a Traditional IRA for 2019 tax year to help lower my taxes some?
You'll need to sign in or create an account to connect with an expert.
For 2019, you cannot contribute to a Traditional IRA even if you had earned income as you are over 70 1/2.
For 2020 and later, there is no age limit on making regular contributions to traditional or Roth IRAs.
Please read this IRS document.
First of all, you can only put money into an IRA from wages, not just any income.
For 2019, you cannot contribute to a Traditional IRA even if you had earned income as you are over 70 1/2.
For 2020 and later, there is no age limit on making regular contributions to traditional or Roth IRAs.
Please read this IRS document.
Unless you plan to give that IRA money to your heirs, as far a Uncle Sam is concerned it's pay me now or pay me later.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
ArielA77
New Member
Linda C2
Level 2
Linda C2
Level 2
MarGar1981
New Member
FotiSanieLouie6
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.