topic Traditional IRA Max Age for 2020 in Retirement tax questions

Traditional IRA Max Age for 2020

Anonymous — Fri, 05 Mar 2021 21:30:59 GMT

Hasn't the 70.5 year age limitation for a 2020 Traditional IRA contributions been removed? Why does Turbo Tax still tell me I can't contribute because of my age? Thanks.

Re: Traditional IRA Max Age for 2020

Anonymous — Fri, 05 Mar 2021 21:39:49 GMT

Please ignore this question. I just tried it again and TT did not limit my contribution because of age. Either I did something wrong or TT changed their program. Probably operator error!

Re: Traditional IRA Max Age for 2020

DoninGA — Fri, 05 Mar 2021 21:40:37 GMT

Where are you seeing this 70.5 year limitation?

I just entered a $7000 IRA contribution using my desktop software with the taxpayer being age 82 and saw nothing that prevented the contribution from being accepted.

Re: Traditional IRA Max Age for 2020

Anonymous — Fri, 05 Mar 2021 22:22:50 GMT

Thanks. I tried it again and was not limited by age. I must have messed up.

Re: Traditional IRA Max Age for 2020

Anonymous — Fri, 05 Mar 2021 23:02:31 GMT

Try going to the Federal Review tab. I had not entered anything for an IRA deduction before going to the review. But then going thru it, one page showed up saying "You might qualify for another tax break." Then the next screen said that since I was too old I didn't qualify for a traditional IRA contribution. This is where I think TT has the problem.

I did go back to enter a contribution in the Deductions and Credits section, and as you said, it allowed me to make the contribution despite my ripened years.

Thanks for your interest, I appreciate your response.