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When did you make the contribution? You said "recently". If recency is in 2020 and the contribution was *for* 2019 and your age was more then 70 1/2 at the end of 2019 then the IRA contribution is prohibited. The elimination of the age requirement is for 2020 and later tax years, and does not apply to 2019. A 2019 contribution made in 2020 is still a 2019 contribution.
For 2019, if you’re 70 ½ or older, you can't make a regular contribution to a traditional IRA. However, you can still contribute to a Roth IRA and make rollover contributions to a Roth or traditional IRA regardless of your age.
For 2020 and later, there is no age limit on making regular contributions to traditional or Roth IRAs.
Please read this IRS document for more information.
In other words, while the laws allows it in 2020 and future, the law was not retroactive. Contributions made for 2019 (in 2019 or in 2020 for 2019) follow 2019's law.
We are over 70 1/2 and made ira contributions which we want to deduct on our 2020 return. The Turbotax program allows us to input the information but then says later that we are over 70 1/2 and, therefore, cannot contribute to our ira's. The program may have not been updated and is in error as the law changed and allows the contribution and the deduction. I cannot file a return until the program is corrected. Help
You do need to have earned income to not get penalized for even a non-deductible contribution to an IRA, that may be your problem.
@jimmelle43 wrote:
We are over 70 1/2 and made ira contributions which we want to deduct on our 2020 return. The Turbotax program allows us to input the information but then says later that we are over 70 1/2 and, therefore, cannot contribute to our ira's. The program may have not been updated and is in error as the law changed and allows the contribution and the deduction. I cannot file a return until the program is corrected. Help
Are you entering in the IRA contribution interview to actually make the contribution, or using the IRA "tool" that has an error?
Enter IRA contributions here:
Federal Taxes,
Deductions & Credits,
I’ll choose what I work on (if that screen comes up),
Retirement & Investments,
Traditional & Roth IRA contribution.
OR Use the "Tools" menu (if online version under My Account) and then "Search Topics" for "ira contributions" which will take you to the same place.
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