topic IRA in Retirement tax questions

IRA

shammersmith48 — Wed, 03 Jun 2020 20:32:02 GMT

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?

Re: IRA

Bsch4477 — Wed, 03 Jun 2020 23:48:49 GMT

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

Re: IRA

macuser_22 — Thu, 04 Jun 2020 00:26:20 GMT

@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.)