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Spousal Traditional IRA Contrib in year of 70 1/2 uncertainty

Married couple w/earned income. Non-working spouse is 70 1/2 in September (2015) and 1st RMD is due by following April (2016). Can spouse still make a contrib. for 2015 (in 2016)?

Googling creates a bit of uncertainty (seems like there's a gazillion hits).

Logically (the trap) I can see a case for 70 1/2 on January 1st - no contrib. A case of 70 1/2 on December 31st, for example, could open the door of proportioning. The hits sampled don't delve into this [to me] gray area. So ... Is it an absolute - 70 1/2 any time in a year closes the door on any further contributions? Could a contrib. [have been made] before [actual] 70 1/2 but if not done so no further contributions allowed? Could a 3/4 (example) contrib. for 2015 be made in 2016 (before filing of course)?

Thanks for any guidance or reference to a source. Geo. Salisbury Long Valley, NJ

Reply to
GSalisbury
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IRA means Individual Retirement Account or Annuity. Emphasis on the word INDIVIDUAL. An individual may no longer contribute to a traditional IRA in the year that the individual turns age 70 1/2 and every year thereafter. The spouse may continue to contribute to his/her own IRA if still under age 70 1/2 in the year.

Additionally, even though one spouse is precluded from making contributions due to age, the other spouse may still use the earned income of both spouses to determine the amount that can be contributed.

Reply to
Alan

Yes I understand that IRA means Individual Retirement ACCOUNT and that an Annuity can be an IRA or part of an IRA and I appreciate the definition of Individual. And, yes, I understand that "spouse" may use the combined earned income for determinations and that RMD's commence at 70 1/2 etc. etc. etc.. I'm well past the 70 1/2 threshold (and taking RMD's and still generating earned income) and spouse reached 70 1/2 this past September.

My question had to do with the absoluteness of "An individual may no longer contribute to a traditional IRA in the year that the individual turns age 70 1/2" type statements. I was (am still) uncertain as to whether or not there's a possible grey zone. I was looking for a cite, a reference etc., that might include explicit discussion on the ability to [still] contribute before the 6 months anniversary of the 70th birthday. Perhaps no such discussion exists - my sampling of google hits didn't uncover anything on point. So I guess we accept the "... may no longer contribute in year of 70 1/2 ..." statements at face value and let it go. Thanks. Geo. S.

Reply to
GSalisbury

It is absolute and hard coded into the Internal Revenue Code.

Reply to
Alan

Thanks - that is what I have concluded and am proceeding accordingly. Geo. S.

Reply to
GSalisbury

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