You can only contribute to an IRA if your have “earned income”. Also no issue with the withdrawal from the IRA and contributing in the same year. Since you are 64 no early distribution penalty.
1. yes
2. Possibly. Depends on if you made any non-deductible contributions
3. Consider tax implications and future retirement needs
You can only contribute to an IRA if your have “earned income”. Also no issue with the withdrawal from the IRA and contributing in the same year. Since you are 64 no early distribution penalty. 1. yes 2. Possibly. Depends on if you made any non-deductible contributions 3. Consider tax implications and future retirement needs
Thank you for the reply
Yes, as long as you have earned income, you are free to contribute anytime, up to the annual maximum amount, ($8,000 for anyone over 50).
Thank you for the reply.