What are the rules if we are over the age of 70 1/2 and one of us (husband) is still working and contributing to a traditional IRA and contributing to another's (wife) Roth IRA?
Turbo Tax claims that we made an excess contribution for the amount contributed to the traditional IRA.
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Once you reach age 70 1/2, you can no longer contribute to a Traditional IRA.
In general, if the excess contributions for a year aren’t withdrawn by the date your return for the year is due (including extensions), you are subject to a 6% tax. You must pay the 6% tax each year on excess amounts that remain in your traditional IRA at the end of your tax year. The tax can’t be more than 6% of the combined value of all your IRAs as of the end of your tax year.
Once you reach age 70 1/2, you can no longer contribute to a Traditional IRA.
In general, if the excess contributions for a year aren’t withdrawn by the date your return for the year is due (including extensions), you are subject to a 6% tax. You must pay the 6% tax each year on excess amounts that remain in your traditional IRA at the end of your tax year. The tax can’t be more than 6% of the combined value of all your IRAs as of the end of your tax year.
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