Are you over the age of 70 1/2 and wondering if you can still do an IRA rollover? The answer is yes! There is no age limit for reinvesting an IRA, but you cannot count a reinvestment as part of the required minimum distribution. You can open an IRA at any age, as long as you have earned income to contribute to it. A 16-year-old with a part-time job can open an IRA and start contributing, while a 20-year-old full-time student with no income cannot make any contributions to the IRA. When it comes to the limit for IRA rollovers, it will be applied by adding up all of a person's IRAs, including SEP and SIMPLE IRAs, as well as traditional and Roth IRAs, effectively treating them as a single IRA for the purposes of the limit.
Minors can only open custodial IRA accounts, so they'll need the help of an adult to use an IRA until they reach the minimum legal age for investing (normally 18, but depends on state law).You have 60 days from the date you receive an IRA or the distribution of a retirement plan to transfer them to another plan or IRA. This means that most of the pre-retirement payments you receive from a retirement plan or IRA can be “reinvested” by depositing the payment into another retirement plan or IRA within 60 days. You cannot make a transfer during this 1-year period from the IRA to which the distribution was transferred.This change will not affect your ability to transfer funds from one IRA trustee directly to another, since this type of transfer is not a transfer (Tax Resolution 78-406, 1978-2 C). For example, if you don't have the compensation needed to contribute to an IRA, but your spouse does, you can still make a contribution to a spousal IRA to a traditional IRA.