There is no age limit on making contributions to traditional IRAs or Roth IRAs. Prior to 2020, individuals could not make IRA contributions once they turned 70½. The SECURE Act, passed by Congress in 2019, repealed this rule for 2020 and later. For 2020, you can contribute up to the lesser of $6,000…$7,000 if age 50 or older… or your taxable compensation. You have until April 15, 2021, to make payins for 2020. Note that the same contribution limits apply for IRA payins made for the 2021 year.

IRAs and Roth IRAs

by | Mar 23, 2021 | IRA, TallyTaxMan, Traditional IRA | 0 comments