Solved

IRA Contribution after 70 1/2

Forum|Forum|5 years ago
March 18, 2021
1 reply
0 views

Can an individual contribution to an 2020 IRA if they turned 70 1/2 in 2020? Have read that under the Secure Act 2020 the age limitation was repealed. Is this correct?

Best answer by JohnB5677

Yes, 2020 is the first year you can add money to a traditional IRA past the age of 70 1/2, thanks to the Setting Every Community Up for Retirement Enhancement (SECURE) Act, passed in December 2019.

You have up until April 15, 2021, to make your contributions to a traditional IRAs.

You can contribute to a Roth IRA at any age.

JohnB5677Answer

Yes, 2020 is the first year you can add money to a traditional IRA past the age of 70 1/2, thanks to the Setting Every Community Up for Retirement Enhancement (SECURE) Act, passed in December 2019.

You have up until April 15, 2021, to make your contributions to a traditional IRAs.

You can contribute to a Roth IRA at any age.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"