Contact UsCan 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 ?
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Tax Professional Answers
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.
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362 weeks ago