IRA Center This is the internet’s source for information on Retirement Accounts
for beginners and professionals. The following information covers traditional IRAs, roth IRAs, 401(k)s, 401(k)
rollovers, SIMPLE IRAs, SEP IRAs, 403(b)s, SARSEPs, Keoghs, Pension Plans. Do you participate in a retirement plan
through your employer? You may be illegible to start a Traditional or Roth IRA as well. Will you be 70 1/2 years old or older in the year you are filing? If not
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If you will be, then in general:
Traditional IRA--Contributions cannot be made to your Traditional IRA for the year you reach age 70 1/2 or
any later year.
Roth IRA--Your contribution to a Roth IRA depends on your filing status and Modified AGI (Modified Adjusted
Gross Income).
NOTE! The IRS has its own definition as to who is considered covered and not covered.
DISCLAIMER None of the information provided on this webpage should
be construed as tax advice. You should be advised to consult your own tax professional regarding the tax consequences
of your IRA strategy and investment activities.