Contribute to IRA w/active 72t
L1: Contribute to IRA w/active 72tThis tax season I would benefit by contributing $5000 to an existingIRA while maintaining my different 72t account. Just want to verify (again) this is OK to do. I”m in my 59th year having taken the 72t at age 52 so I don”t want to bust the 72t this late in the game.
Thanks in advance.2008-03-03 12:43, By: RICH, IP: [188.8.131.52]
L2: Contribute to IRA w/active 72tThey are independent and mutually exclusive. You might want to consider making it a non-deductible ROTH IRA contribution if you can afford to not take the deduction and pay the taxes now. If so, all future growth and income will necer be taxed to you, your spouse, your children, or your grandchildren.
It”s a great deal if you can afford to do it.2008-03-03 18:04, By: dlzallestaxes, IP: [184.108.40.206]
L2: Contribute to IRA w/active 72tOk – just be totally sure that the separate IRA account does not contain funds that were EVER considered part of your original account balance. Some people have done partial transfers at some point during their plan, whereby some assets in their 72t IRA were partitioned off into a new account, but no distributions have been taken from the new account, just the original account.
In that case, you CANNOT contribute to the partitioned account either or you bust the plan.2008-03-03 19:00, By: Alan S., IP: [220.127.116.11]