Ask Tax Question

Can someone older than 70 with earned income contribute to any one of the following retirement accounts: 1. Employers 401K, 2. Traditional IRA, 3. Roth IRA.

Joe is working. He is single, earns $55,000 and 70 year old, and will be required to take minimum required distribution (RMD) in 2017 from his Traditional IRA account. His current employers offers a 401K plan with 5% employer matching. Can he contribute to 401K plan. He also wants to contribute in his Roth IRA or Traditional IRA ?
Roth IRA Contributions IRA Contribution
TaxConnections Members... Answer This Question Want To be One of Our Tax Experts? Register Here

Tax Professional Answers

User Photo
John Stancil
In the year in which you reach age 70 1/2 you may no longer contribute to an IRA or a Roth IRA. However, as long as you are working, you may participate in and contribute to a company sponsored 401(k) plan.
Leave a Comment 48 weeks ago

Meet Leading Tax Advisors

User Photo John Stancil

Lakeland, Florida, USA

Tax Advisor/CEO

User Photo Peter J. Scalise

New York, New York, USA

Federal Tax Credits & Incentives Practice Leader

User Photo John Dundon, II EA

Denver, Colorado, USA

Tax Director


View/Select our Current List of Tax Topics

# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Previous PageNext Page



Learn from tax advisors, straight to your inbox

Update My Email Address
Contact Us Today