Traditional IRA contributions made after an individual reaches the age of 65 are treated as excess contributions and are subject to a nondeductible 6% excise penalty tax.

Question

Quizplus · Accepted Answer

False. Traditional IRA contributions can still be made after the age of 65, but they may not be deductible depending on the individual's income and participation in other retirement plans. There is no penalty for making contributions after age 65.

Traditional IRA Contributions Made After an Individual Reaches the Age