IRA Contribution for 2014

[Burke]

Client turned 70 1/2 on 4/1/2015. However, it is my understanding he can contribute to an IRA for 2014 based on the fact that he had qualifying earnings and was only 70 in that year. I realize he will have to take an RMD in 2015, unless he postpones to 4/1/2016. Just want some verification as the software is allowing it for the 2014 return.

[kathyc2]

Agree he can take IRA deduction for 2014. Also, if he continues to have earned income can contribute to Roth in 2015 as no age test on Roths.

[Burke]

Thanks for the verification. 2nd question is, the spouse will be 70 1/2 on 12/7/15. Can she make a traditional IRA contribution for 2015? I am thinking not. So 2014 is the last year for both.

[kathyc2]

Agree. No traditional for either for 2015 TY.