IRAs - Traditional

I'm over 70 1/2. Can I make an IRA contribution?

No. You cannot make a contribution to a "traditional" IRA in the year you reach 70 1/2. However- you can make a contribution to a Roth IRA. Of course you must have earned income and the same rules that limit Roth IRAs and traditional IRAs apply. For additional details contact a local CPA.

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