IRA contribution at age 77

I'm 77 years old & earned $8700 in 2020. Can I contribute to a traditional IRA to bring down my taxes. I did not take RMD for 2020.

posted

Yes. For a traditional IRA, as of Jan. 1, 2020, there is no maximum age at which you can make a contribution, as long as you have sufficient taxable compensation to support the contribution amount. You have until April 15, 2021 to do so, and can contribute up to $7,000 (the limit for your age).