Am I considered 50 for catchup contribution if my birthday is on January 1st?
The TurboTax software seems to be set to regard me as 50 years of age and therefore eligible to make a catchup 401(k) contribution for the year 2022. My 50th birthday is on January 1st, 2023 (born January 1st, 1973).
Is this correct?
02359
1 Best answer
CatinaT1
Expert Alumni
Feb 9, 2023 8:26:15 AM
Yes, this is correct. If you were born on January 1, you are considered to have turned 50 on December 31.
The exception to this rule is for some credits involving children.
2 Replies
CatinaT1
Expert Alumni
Feb 9, 2023 8:26:15 AM
Yes, this is correct. If you were born on January 1, you are considered to have turned 50 on December 31.
The exception to this rule is for some credits involving children.