All Things Tax

All Things Tax

Like the title says, from the filing process and tax questions to tax policy and reform, you can search and share All Things Tax here. This is the place to find answers to all your general questions that don't fall under the other categories. And just a reminder: questions about software or online filing should be posted in DIY Products.

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Valued Pioneer
Posts: 3
Registered: ‎01-30-2018
Accepted Solution

IRA 70 1/2 add money 70 and 5 months

[ Edited ]

I turned 70 July 27 1946 I put $6500 into my IRA Dec 26 2017, when filing my 2017 tax return with H&R Block Fed&State It would not allow me to enter the $6500  ,  I tried to uncheck the no 70 1/2 2017 1040 form  block (its red)  and allow the override to enable me to enter the $6500 ... I turn 70 1/2 in Jan 27 2018.... Is this wrong or what.. Its a traditional IRA I'm talking about... really hose the return ROTH etc....... Don't want a ROTH IRA

 

 or can I even add money to my IRA at 70 5 months?? 

Esteemed Neighbor
Posts: 220
Registered: ‎02-28-2016

Re: IRA 70 1/2 add money 70 and 5 months

You have 7/27/1946 listed as I assume birthdate. Then age 70 1/2 would be Jan 2017, not Jan 2018 as you stated. I'm not sure which is correct; birthdate or age.

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Valued Pioneer
Posts: 3
Registered: ‎01-30-2018

Re: IRA 70 1/2 add money 70 and 5 months

[ Edited ]

No July 27 1946 was my birth day

Dec 27 I was 70 and 5 months,

People Jan 1 till June 30 one bracket

People July 1 till Dec 31 other bracket This is my bracket not 70 1/2 until Jan 27 2018 or does the Feds do it another way.

 

I don't have to Take my RMD until 72 from what I understand..... because I fall into the second bracket

 

 

Holy Hell  I'm 71 now all this time fill out my taxes I was thinking I'm 70 just loop locked I guess sorry guys!!!!

Esteemed Neighbor
Posts: 220
Registered: ‎02-28-2016

Re: IRA 70 1/2 add money 70 and 5 months

Pardon me for laughing out loud. I guess we all fall into those ditches sometimes.

 

Sounds to me like you will need to tell your IRA bank that you need an excess contribution withdrawal to avoid a penalty.