marko
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- Mar 16, 2011
- Messages
- 8,459
Apologies if this has been covered before. Further apologies if this is such a simple question but I haven't been thinking of IRA contributions since I retired almost 20 years ago.
This past year our tIRA withdrawals were unusually high due to some one-off expenses. This coming year we expect an unusually low rate of tIRA withdrawals.
Does it make sense for me to contribute the max ($7500) to my tIRA in order to reduce my tax bill this year? It might also keep me from entering another IRMAA bracket.
As I understand it, there is no longer an age limit to contribute; I'll be 72 this coming year. I'm not worried about RMDs as our withdrawals far exceed any RMD number.
Also would this be something I need to do before 12/31 or would I have until April 15?
Any insight from the collective is much appreciated.
This past year our tIRA withdrawals were unusually high due to some one-off expenses. This coming year we expect an unusually low rate of tIRA withdrawals.
Does it make sense for me to contribute the max ($7500) to my tIRA in order to reduce my tax bill this year? It might also keep me from entering another IRMAA bracket.
As I understand it, there is no longer an age limit to contribute; I'll be 72 this coming year. I'm not worried about RMDs as our withdrawals far exceed any RMD number.
Also would this be something I need to do before 12/31 or would I have until April 15?
Any insight from the collective is much appreciated.