IRA Contribution

Forum|Forum|5 years ago
May 9, 2021
2 replies
17 views

My wife and I are retired, married and filing jointly. I am 78 and she is 76. I have significant W-2 income , she does not . We both have additional income from pensions and annuities, social security, and investment income. Can I/we make contributions to a traditional IRA? Turbo Tax seems confused on this point in that some part of the instructions say that we are both too old whereas in the Federal Review section the software directs me to the other tax situations part of the product and leads me to claim the maximum contribution for both of us; i.e. $7K for each. BTW we are not covered by any retirement plan even though I have W-2 income. What's correct?

TurboTax Home & Biz Windows

DanaB27

Employee Tax Expert

For years 2019 and earlier if you were 70 ½ or older, you weren't allowed to make a regular contribution to a traditional IRA. But the law changed and since 2020 there is no age limit on making regular contributions to traditional or Roth IRAs. Therefore, as long as you have the taxable compensation you can contribute to the traditional IRA.

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