topic I am over 70 years old...can i start a roth ira? in Retirement tax questions https://ttlc.intuit.com/community/retirement/discussion/i-am-over-70-years-old-can-i-start-a-roth-ira/01/313442#M27085 <P>I have a regular ira...can I start &nbsp;</P><P>roth era at this time.....I am over 70 years<BR /></P> Mon, 03 Jun 2019 18:50:47 GMT gege81 2019-06-03T18:50:47Z I am over 70 years old...can i start a roth ira? https://ttlc.intuit.com/community/retirement/discussion/i-am-over-70-years-old-can-i-start-a-roth-ira/01/313442#M27085 <P>I have a regular ira...can I start &nbsp;</P><P>roth era at this time.....I am over 70 years<BR /></P> Mon, 03 Jun 2019 18:50:47 GMT https://ttlc.intuit.com/community/retirement/discussion/i-am-over-70-years-old-can-i-start-a-roth-ira/01/313442#M27085 gege81 2019-06-03T18:50:47Z You can make contributions after you reach age 70 1/2, ho... https://ttlc.intuit.com/community/retirement/discussion/you-can-make-contributions-after-you-reach-age-70-1-2-ho/01/745282#M71637 <P>You can make contributions after you reach age 70 1/2, however, you must still receive compensation.&nbsp;There is an exception that allows&nbsp;<B>Roth</B>&nbsp;accounts for nonworking spouses.<B>&nbsp;If</B><B>&nbsp;</B>you and your spouse file a joint return but one does&nbsp;<B>not work</B>, the employed spouse&nbsp;<B>can</B>&nbsp;open and&nbsp;<B>contribute</B>&nbsp;to a&nbsp;<B>Roth IRA</B>&nbsp;for the unemployed partner.</P><P>The maximum amount you can contribute to all IRAs must be the lesser of these:</P><UL> <LI>Your taxable compensation for the year</LI> <LI>$6,500, the maximum IRA contribution for 2017 with catch-up contributions.</LI> </UL><P>However, to figure the maximum amount you can contribute to a Roth IRA for a year, you must combine the contributions you made to all IRAs. This includes both traditional and Roth IRAs. So, your contribution limit is the lesser of:<BR /></P><UL> <LI>Your maximum allowable contribution minus all IRA contributions for the year.</LI> <LI>Your taxable compensation minus all IRA contributions for the year.</LI> </UL><P>When figuring your contribution limit, don’t subtract employer contributions under a SEP or SIMPLE IRA plan.</P><P>The amount you can contribute to a Roth IRA:</P><UL> <LI>Begins to phase out when your modified AGI reaches $114,000 — or $181,000 if married filing jointly</LI> <LI>Is phased out completely when your income is more than $129,000 — or $191,000 if married filing jointly</LI> </UL><P>Married couples filing separately can’t make Roth IRA contributions if both of these are true:</P><UL> <LI>Your modified AGI is more than $10,000.</LI> <LI>You lived together at any time during the year.</LI> </UL> Thu, 06 Jun 2019 18:00:13 GMT https://ttlc.intuit.com/community/retirement/discussion/you-can-make-contributions-after-you-reach-age-70-1-2-ho/01/745282#M71637 CathiM 2019-06-06T18:00:13Z
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topic I am over 70 years old...can i start a roth ira? in Retirement tax questions
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https://ttlc.intuit.com/community/retirement/discussion/i-am-over-70-years-old-can-i-start-a-roth-ira/01/313442#M27085
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<P>I have a regular ira...can I start &nbsp;</P><P>roth era at this time.....I am over 70 years<BR /></P>
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<pubDate>Mon, 03 Jun 2019 18:50:47 GMT</pubDate>
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<title>I am over 70 years old...can i start a roth ira?</title>
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https://ttlc.intuit.com/community/retirement/discussion/i-am-over-70-years-old-can-i-start-a-roth-ira/01/313442#M27085
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<P>I have a regular ira...can I start &nbsp;</P><P>roth era at this time.....I am over 70 years<BR /></P>
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You can make contributions after you reach age 70 1/2, ho...
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https://ttlc.intuit.com/community/retirement/discussion/you-can-make-contributions-after-you-reach-age-70-1-2-ho/01/745282#M71637
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<P>You can make contributions after you reach age 70 1/2, however, you must still receive compensation.&nbsp;There is an exception that allows&nbsp;<B>Roth</B>&nbsp;accounts for nonworking spouses.<B>&nbsp;If</B><B>&nbsp;</B>you and your spouse file a joint return but one does&nbsp;<B>not work</B>, the employed spouse&nbsp;<B>can</B>&nbsp;open and&nbsp;<B>contribute</B>&nbsp;to a&nbsp;<B>Roth IRA</B>&nbsp;for the unemployed partner.</P><P>The maximum amount you can contribute to all IRAs must be the lesser of these:</P><UL> <LI>Your taxable compensation for the year</LI> <LI>$6,500, the maximum IRA contribution for 2017 with catch-up contributions.</LI> </UL><P>However, to figure the maximum amount you can contribute to a Roth IRA for a year, you must combine the contributions you made to all IRAs. This includes both traditional and Roth IRAs. So, your contribution limit is the lesser of:<BR /></P><UL> <LI>Your maximum allowable contribution minus all IRA contributions for the year.</LI> <LI>Your taxable compensation minus all IRA contributions for the year.</LI> </UL><P>When figuring your contribution limit, don’t subtract employer contributions under a SEP or SIMPLE IRA plan.</P><P>The amount you can contribute to a Roth IRA:</P><UL> <LI>Begins to phase out when your modified AGI reaches $114,000 — or $181,000 if married filing jointly</LI> <LI>Is phased out completely when your income is more than $129,000 — or $191,000 if married filing jointly</LI> </UL><P>Married couples filing separately can’t make Roth IRA contributions if both of these are true:</P><UL> <LI>Your modified AGI is more than $10,000.</LI> <LI>You lived together at any time during the year.</LI> </UL>
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