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Roth IRA contributions in year of retirement

By Terry Savage on April 19, 2021 | Financial Planning / Retirement

If I continue to work through the month of January 2022 and then retire, can I contribute the full $7,000 for the 2022 year to my Roth IRA; if so does the full $7,000 need to be contributed in January ?

Terry Says

If you earned $7,000 in that year (ie, in that month of January) then you can contribute $7,000 if otherwise qualified –based on your Modified Adjusted Gross income in that year. And you have until the date that year’s tax return is due to make your contribution.

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