Editor: Crass Cash
When you hit the age of 70.5 years old, which means you were born before June 30, 1943, then you can no longer deduct a traditional IRA contribution while do your taxes. This does not apply to 401k's.
This makes sense because by 70.5 you're required to start taking mandatory deductions from your retirement plans. Adding to them would be counterproductive in the eyes of the IRS. Thus, they don't allow.
NO TAX DEDUCTION FOR YOU!!
This makes sense because by 70.5 you're required to start taking mandatory deductions from your retirement plans. Adding to them would be counterproductive in the eyes of the IRS. Thus, they don't allow.
NO TAX DEDUCTION FOR YOU!!
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