IRA contributions allowed over age 72 for married retired couples

[21norman02]

What is the limit on contributions to IRA account (for possible deduction) if over age 72, married, but neither spouse is working?

[Hal_Al · Accepted solution]

Q. What is the limit on contributions to IRA account (for possible deduction) if over age 72, married, but neither spouse is working?

A. $0. 

For anyone over age 50, the normal limit is $7000.  But, the actual wording is: 

For 2022, 2021, 2020 and 2019, the total contributions you make each year to all of your traditional IRAs  and Roth IRAs can't be more than:

• $6,000 ($7,000 if you're age 50 or older), or
•  your taxable compensation for the year*

To contribute to a traditional IRA or Roth IRA, you, and/or your spouse if you file a joint return, must have taxable compensation, such as wages, salaries, commissions, tips, bonuses, or net income from self-employment.

*If you file a joint return, you may be able to contribute to an IRA even if you didn’t have taxable compensation as long as your spouse did. Each spouse can make a contribution up to the current limit; however, the total of your combined contributions can’t be more than the taxable compensation reported on your joint return. 

References:

https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-li....

https://www.irs.gov/taxtopics/tc451#:~:text=To%20contribute%20to%20a%20traditional,net%20income%20fr....

[21norman02]

Thanks!

[Opus 17]

In other words, the old age limit has been removed, but you must still have income that is considered "compensation" from working.  This is usually W-2 wages or self-employment income, although there are a few minor exceptions.