age limit ira contributions
A Roth IRA is an IRA that, except as explained below, is subject to the rules that apply to a traditional IRA. You cannot deduct contributions to a Roth IRA. If you satisfy the requirements, qualified distributions are tax-free. You can make contributions to your Roth IRA after you reach age 70 ½. You can leave amounts in your Roth IRA as long as you live. The account or annuity must be designated as a Roth IRA when it is set up. The Contribution Limit. For 2013 and 2014. the basic limit for regular contributions to a Roth IRA is $5,500 for people under 50 years of age, and $6,500 for those who are 50 or older. (Numbers like this can be found in our Reference Room .) This limit may be reduced for any of the following reasons: 1 There’s no age limit for contributions to Roth IRAs. 2  For regular IRAs, you lose the ability to make contributions in the year you turn age 70½. 3  Not so for Roth IRAs. 4  If you meet the other requirements, you can set up a brand new Roth IRA at age 85 and begin saving for your “retirement.” There’s also no lower age limit. Maximum Contribution. You may contribute up to $5,500 to your IRA for 2013. If you are at least age 50 by the end of the year to which the contribution applies, you may contribute an additional $1,000. This additional amount is referred to as a catch-up contribution. 2014 Traditional & Roth IRA contribution limits. Total annual contributions to your Traditional and Roth IRAs combined cannot exceed: 1  $5,500 (under age 50). 2  $6,500 (age 50 or older). There is no age limit for Roth IRA contributions. Contribution Deadline. Tax-filing extensions do not apply to your IRA contributions. This means that your contributions must be deposited by your tax filing due date, which is usually April 15. Learn about the deadlines, income limits, and contribution limits for contributing to Traditional and Roth IRAs each year. Deadline for contributions for the 2014 tax year: April 15, 2015. 1  Contribute to your Fidelity IRA.Log In Required. 2  Set up automatic contributions to your Fidelity IRA. Traditional IRA contributions are not limited by annual income. Roth IRA contribution limits and eligibility are based on your modified adjusted gross income (MAGI), depending on tax-filing status. Partial contributions are allowed for certain income ranges. To make new deposits to a traditional IRA, you must be under 70 ½, but you may roll funds from an eligible retirement account into a traditional IRA at any age. Roth IRA. If you earn an annual income that falls within the limit for Roth IRAs -- less than $179,000 if you are married and less than $122,000 if you are single in 2012 -- you may open this type of retirement account.
After you reach age 70 ½.