2016 IRA Contribution Reminder

March 20, 2017

For those of you who are still hoping to make a 2016 contribution to an IRA, this is a reminder that you can still contribute until April 18th, 2017. If you have not contributed before, make sure and plan ahead in case you still need to set up account opening and funding paperwork.

 

 

 

 

 

2016 Contribution Limits

 

For 2016, your total contributions to all of your traditional and Roth IRAs cannot be more than:

  • $5,500 ($6,500 if you’re age 50 or older), or

  • your taxable compensation for the year, if your compensation was less than this dollar limit.

The IRA contribution limit does not apply to:

  • Rollover contributions

  • Qualified reservist repayments

2016 IRA Deduction Limits

 

If you have any questions or would like help making a contribution for 2016, please feel free to reach out to us.

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