Roth IRA contribution

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nwffdiver
Posts: 56
Joined: Mon Oct 01, 2012 9:26 pm

Roth IRA contribution

Post by nwffdiver » Mon Oct 26, 2015 10:09 pm

My wife turns fifty next year on December 8th. Can I fund her Roth IRA with $6500 at the beginning of the year?

DSInvestor
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Joined: Sat Oct 04, 2008 11:42 am

Re: Roth IRA contribution

Post by DSInvestor » Mon Oct 26, 2015 10:28 pm

Yes. If she turns 50 on Dec 8, 2016, she is eligible for the additional $1000 of catchup contribution for a total of $6500 for tax year 2016. However, MAGI limits still apply and if your income is in the phase out range, that may reduce the allowed contribution. The IRA contribution can be made any time between JAN 01, 2016 and APR 15, 2017 (tax filing deadline for tax year 2016).

If she participates in 401k or 403b, she would also be eligible for an additional catchup contribution of $6000 to 401k/403b.
https://www.irs.gov/Retirement-Plans/Pl ... tributions
Last edited by DSInvestor on Mon Oct 26, 2015 10:29 pm, edited 1 time in total.

furwut
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Joined: Tue Jun 05, 2012 8:54 pm

Re: Roth IRA contribution

Post by furwut » Mon Oct 26, 2015 10:28 pm

I'm sure your wife can begin making the catch-up contribution anytime during the year she turns 50 or older. She doesn't have to wait until Dec 8th. But I couldn't find a good IRS reference.

Maybe someone else can?

Ah thanks DS. From your link:
Individuals who are age 50 or over at the end of the calendar year can make annual catch-up contributions.

nwffdiver
Posts: 56
Joined: Mon Oct 01, 2012 9:26 pm

Re: Roth IRA contribution

Post by nwffdiver » Mon Oct 26, 2015 10:42 pm

Thanks DSInvestor and furwut for your responses. I thought that was the rule, but didn't want to make a mistake. We are also planning on upping her 401k contributions from now on... WooHoo an extra $6500 in our tax deferred.

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Jerry55
Posts: 533
Joined: Tue Jan 27, 2015 1:56 am
Location: That Toddlin' Town

Re: Roth IRA contribution

Post by Jerry55 » Mon Oct 26, 2015 11:24 pm

I turned 50 in April 2005, and started making "Over 50" contributions in Jan. 2005 to my TSP..

IRS States that you can make "Over 50" contributions in "The year you turn 50"


https://www.irs.gov/Retirement-Plans/Pl ... tributions
Retired 12/19/2012 @ age 57 | Good Bye Tension, Hello Pension !!!

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