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IRA Contributions

Forum|Forum|3 years ago
March 25, 2023
2 replies
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I am Over 80 Years old and my question is: can I both contribute to an IRA for a deduction and take my RMD the same year if I have earned income?

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Best answer by SharonD007

Yes, you can contribute to an IRA if you have earned income and are receiving your RMD. You would have to meet the contribution requirements. Your limit would be $7,000 for 2022 or your earned income for the year if your earned income is less than $7,000. Please review the IRS website IRA FAQs for additional information.

SharonD007Answer

Yes, you can contribute to an IRA if you have earned income and are receiving your RMD. You would have to meet the contribution requirements. Your limit would be $7,000 for 2022 or your earned income for the year if your earned income is less than $7,000. Please review the IRS website IRA FAQs for additional information.

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D

dmertz

Employee

Be aware that any deductible traditional IRA contributions made for the year you reached age 70½ and thereafter make taxable any Qualified Charitable Distributions until all of your basis in such deductible contributions has been transferred to charity. If you plan to make QCDs, making deductible traditional IRA contributions in or after the year you reach age 70½ is probably a bad idea.