topic Can I contribute to my IRA based on self-employment income at age 80? in Retirement tax questions

Can I contribute to my IRA based on self-employment income at age 80?

csorlove — Thu, 06 Jun 2019 14:23:59 GMT

Turbo tax program asks me if I want to contribute and has calculated the amount, but the program has my age.

From DoninGA: Contribution to a Traditional IRA - No. Yo...

MichaelDC — Thu, 06 Jun 2019 14:24:01 GMT

From DoninGA:

Contribution to a Traditional IRA - No. You must be under age 70 1/2

Contribution to a Roth IRA - Yes. There is no age limit if you have taxable compensation.

See this IRS website for information on IRA contributions - https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-li...

You can also contribute to a SEP-IRA or a SIMPLE IRA plan...

dmertz — Thu, 06 Jun 2019 14:24:02 GMT

You can also contribute to a SEP-IRA or a SIMPLE IRA plan. (A SIMPLE IRA plan would have to have been established last year while a SEP plan can be established up until the due date of your tax return.) depending on your net profit from self-employment, you may be eligible to contribute to a SEP or SIMPLE IRA *and* a personal IRA.