Yahoo Answers is shutting down on May 4th, 2021 (Eastern Time) and the Yahoo Answers website is now in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.
Trending News
2014 Roth IRA Contributions?
According to the tax forms, the total 2014 contribution for someone under 50 is $5500. If you are 50+, you can add an additional $1000. What if a person turns 50 in June 2014? Do they contribute $5500 before June and then an additional $1000 after their birthday? Or can they contribute $6500 at any point in the year since they turn 50 during that calendar year?
Thanks Reena, but the question is if a person TURNS 50 in 2014. Sorry if it wasn't clear from the original post. But if a person turns FIFTY in 2014, does that mean that they can contribute the higher amount for 2014? Or if they are 49 for part of the year, does that mean that they can only contribute the $5500? In other words, does a person have to be fifty to start the year in order to contribute the larger amount?
2 Answers
- 7 years agoFavorite Answer
You can contribute the $6500 any time during the year you turn 50, even on Jan 1.
Source(s): Retirement class teacher. - ReenaLv 77 years ago
You can contribute the higher amount because you turn 51 in 2014. Even if your birthday was December 31st, 2014... it still means you turned 51 in 2014 and are allowed to contribute the additional $1000.
