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Working on your IRA contributions

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Q. If I retire this year, can I make a contribution to a traditional IRA and then to a Roth after retirement? P.P., Lewiston, Maine

A. For sure while you are still working. After that, it depends on whether you still have earned income. As long as you have “earned income” (e.g., wages or commissions or self-employment income) during the tax year, you can generally contribute to either a traditional IRA or a Roth IRA, or any combination of the two, up to the annual limit. It doesn’t matter when during the year you receive the earned income. For the 2014 tax year, the total limit for IRA contributions is $5,500 or $6,500 if you’re age 50 or older.

Tip: The ability to contribute to a Roth phases out in 2014 for single filers with a modified adjusted gross income (MAGI) between $114,000 and $129,000 and between $181,000 and $191,000 of MAGI for joint filers.

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