We are eligible to make a larger catch-up IRA contribution this year, but won't be able to contribute the full amount. If we make a smaller contribution this year, will we be able to do a catch-up in a later year?
Don_G,
That is a great question!
You can't carry over unused contributions to the next year. Meaning, that your prior year's contributions won't change the current year's limits.
However, you don't lose the ability to make the catch-up contribution. Meaning, that not contributing the max this year won't disqualify you from making the allowed, fixed catch-up contribution in future years.
Great. That's what I was hoping. Thanks!
