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Q: When the IRS says you can contribute an additional amount to a Roth IRA once you turn 50, do they mean as long as you turn 50 by Dec 31?
Asked by Gena ON 1/20/13
Answered by Matthew Malone ON 1/22/13.
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17 out of 32 people found this useful.
A:
Yes, for the purposes of the increased contribution limit, you need to turn 50 at any time during the calendar year you intend to make the contribution.
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Important 2012 Information
Each year, the IRS updates the rules for Roth IRA. Here are all the details for 2012: