Can you deposit into your IRA after you have reached the age of 70 1/2 years old?

Answer 1

Roth - Yes (Assuming you have earned income)
Traditional - No

Answer 2

The year that you reach the age of 70.5, no further contributions are allowed for a traditional IRA. The year you reach 70.5 is the first year you must take out (by April 1 of the following year) a required minimum distribution.

However, you can continue to contribute to a Roth IRA as long as you have earned income. You can do a taxable rollover of traditional IRA money to a Roth IRA and reduce or eliminate the requirement to take minimum distributions.