IRAs – Quick Refresher

Here is a quick refresher for IRA contribution information for 2016 and 2017:

• For 2016 and 2017, total contributions to traditional and Roth IRAs cannot be more than $5,500, or $6,500 for those age 50 or older.
• IRA contributions can’t exceed taxable compensation for the relevant year.
• Contributions to a traditional IRA are prohibited for those 70½ or older. Contributions to a Roth IRA are permitted, regardless of age.
• If married couples file a joint tax return, one spouse may be able to contribute to an IRA even without taxable compensation for the year. The amount of the couple’s combined contributions can’t exceed the taxable compensation reported on the joint return.

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