IRA Rules for 2017

IRA Rules for 2017

Traditional IRA

Eligibility: If your spouse is covered by an employer-based retirement plan

Married: Up to $119,000

Single: Up to $72,000

If your spouse is not covered by an employer-based retirement plan

Married: Up to $196,000

Single: $133,000

Maximum contribution: $5,500 (2017) + $1,000 if age 50 or older

Contribution is tax deductible: Deadline for 2017 contribution: April 15, 2018

 

Roth IRA

Eligibility: adjusted gross income below:

Married: Up to $196,000

Single: Up to $133,000

Maximum contribution:  $5,500 (2017) + $1,000 if age 50 or older

Contribution is not tax deductible: Deadline for 2017 contribution: April 15, 2018

 

SIMPLE IRA

Eligibility: all providers are eligible regardless of income

Maximum contribution: $12,500 (2017) + $3,000 if age 50 or older

Contribution is tax deductible: Deadline for 2017 contribution: April 15, 2018

Deadline for establishing SIMPLE IRA for 2017: October 1, 2017

 

MyRA

Eligibility: same as Roth IRA. Maximum contribution: same as Roth IRA

No fees. Guaranteed not to lose money. Established with direct deposit through federal government. Can set up with as little as $25.

www.myra.treasury.gov

 

Tom Copeland – www.tomcopelandblog.com