IRA deductions for seniors

[hnrypalmer]

Can an individual make a deductible contribution to an IRA  in the year they turned 70 and a half?  Can one be made to a spouses account?  

[DoninGA · Accepted solution]

For 2020 and later, there is no age limit on making regular contributions to traditional or Roth IRAs.

[dmertz]

However, making deductible traditional IRA contributions in or after the year you reach age 70½ will limit your ability to make qualified charitable distributions (QCDs) from your traditional IRAs.

[SweetieJean]

and you must have earned income in order to contribute to an IRA.

[hnrypalmer]

Thank you both for your advise.  I was not planning on making any charitable contributions from my IRA this year, and it appears that IRS Pub 590a has not been updated for the 2020 Tax Year.

[dmertz]

The limitations regarding deductible traditional IRA contributions made in or after reaching age 70½ apply to all future years.  QCDs are taxable until all of these contributions have beendistributed as QCDs.  For example, if after over several years you've made $12,000 in deductible contributions in or after the year that you reached age 70½, your first $12,000 of QCDs are includible in income rather than being excludible.  TurboTax as not yet implemented this limitation on QCDs.

[macuser_22]

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@hnrypalmer wrote:

Thank you both for your advise.  I was not planning on making any charitable contributions from my IRA this year, and it appears that IRS Pub 590a has not been updated for the 2020 Tax Year.

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The 2020 590A is still in the draft state at the IRS.

https://www.irs.gov/pub/irs-dft/p590a--dft.pdf