82 years old Traditional IRA

[PearOrchard]

I'm 82 and want to know if I can get a Traditional IRA for 2019 tax year to help lower my taxes some?

[chuck1234]

First of all, you can only put money into an IRA from wages, not just any income.

[MinhT1 · Accepted solution]

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.

[fanfare]

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.