For 2015, 2016, and 2017, 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.
In your wife's case, she will also need to subtract the 2016 contribution she has already made when she recharacterized part of the 2015 contribution.
