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.
Spousal IRAs
If you file a joint return, you may be able to contribute to an IRA
even if you did not have taxable compensation as long as your spouse
did. The amount of your combined contributions can’t be more than the
taxable compensation reported on your joint return.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
