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Level 2

Solved

IRA Contribution Eligibility

2 replies
50 views

I'm 73 years old, working part time and receiving Social Security Income.

When finishing up by taxes for 2022, Turbotax suggests that I can decrease my tax bill by contributing to an IRA.

I'm pretty sure I've read in IRS publications that I'm no longer eligible for a deductible IRA contribution because of my age.

Is Turbotax correct on this suggestion?

TurboTax Home & Biz Windows

Level 15

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

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

Answer

Level 15

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

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

Level 2

Excellent! You just turned an "amount due" to a refund.

Thanks so much for the quick reply and the link to the IRS.