topic Ill be 74 in Nov 2022, can i contribute $7000 to my traditional IRA? in Retirement tax questions

Ill be 74 in Nov 2022, can i contribute $7000 to my traditional IRA?

jamesmhagan — Mon, 09 Mar 2026 08:11:25 GMT

Re: Ill be 74 in Nov 2022, can i contribute $7000 to my traditional IRA?

LeonardS — Sun, 13 Mar 2022 03:10:56 GMT

Yes, if you're age 50 or older the total contributions you make each year to all of your traditional IRAs and Roth IRAs can't be more than $7,000

Re: Ill be 74 in Nov 2022, can i contribute $7000 to my traditional IRA?

macuser_22 — Sun, 13 Mar 2022 03:17:43 GMT

Yes as long as the money comes from "taxable compensation".

(Taxable compensation is generally wages that you worked for - W-2 or net self-employed income minus the deductible part of the SE tax, but can include commissions, certain alimony and separate maintenance, and nontaxable combat pay ).

See IRS Pub 590A "What is compensation" for details:
https://www.irs.gov/publications/p590a#en_US_2020_publink1000230355