I am 62 years old. I am still working, and expect to continue to work for the full 2014 tax year and longer. Can I put $5,000 into an traditional IRA now for the 2013 tax year, and if needed withdraw some funds from past IRA savings in 2014?

ANSWER

The BIDaWIZ Team's Answer:

Yes, you can contribute to a traditional IRA up until the tax filing deadline of April 15, 2014 and still treat it as a 2013 contribution for tax purposes. Please note that the maximum contribution for 2013 is $6,500 for individuals that are 50 and older due to the catch-up provision. Please also note that your ability to deduct the contributions are dependent on your income and whether or not you participate in your employer's plan. This is referenced in Internal Revenue Section 408 and IRS Publication 590.