No I maxed out contributions in all other years. For 2016 I'm eligible only for traditional IRA contribution because income is too high.
If I were eligible for Roth contribution in 2016, would there be another way to fix this by reallocating that contribution to the 2017 year and avoid the 2016 penalty?
Thanks so much for your help. Exactly the answers I needed! I couldn't find this exact explanation in the tax code or instructions. And the IRS was useless when I called. Even PWC (my tax preparer) gave me wrong information.
