Questions and Answers
My client’s date of birth was November 5, 1937. Can he make a traditional IRA contribution for 2007?
An individual can make regular contributions to a traditional IRA for any year he/she is younger than age 70½ for the entire year. An individual who reaches age 70 on November 5, 2007 is eligible to make a traditional IRA contribution for tax-year 2007 since he/she does not reach age 70½ until 2008. However, he/she cannot make a traditional IRA contribution for 2008. However, a Roth IRA may be a possibility since they have no age limit, only an income limit.
(Posted: 09/11/2007)
