If a person will turn 50 in the current tax year, can they make a catch-up IRA contribution for that tax year before they turn 50? Also, one site I found said age 50 1/2, so is it 50 or 50.5 years old to qualify for a catch-up contribution?
The IRS website states:
For 2013 and 2014, the maximum you can contribute to all of your traditional and Roth IRAs is the smaller of: $5,500 ($6,500 if you’re age 50 or older), or your taxable compensation for the year.
For example, if you turn 50 in November 2014, can you make a $6,500 contribution for 2014 in May 2014?