The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies

URL:  http://boards.fool.com/anyone-with-earned-income-or-a-spouse-with-26430468.aspx

Subject:  Re: No Roth IRA if you have a 401k? Date:  2/29/2008  6:24 PM
Author:  irasmilo Number:  99150 of 121114

Anyone with earned income (or a spouse with earned income and filing a joint return) can contribute to a traditional IRA until the year in which he turns 70 1/2. Whether or not such a contribution is deductible depends on whether you or your spouse are covered by a retirement plan and, if one of you is, your income. See Chapter 1 of Pub 590.

And, provided you meet the earned income and AGI limitations, you can continue to contribute to a Roth IRA even after age 70.

Ira
Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us