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Level 1

For 2016 Tax year my wife has saved $ 1200.00 in a Roth Ira and no savings in the regular IRA. How much can she save in the regular Ira without any penalties? Thanks!

 
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Level 9

For 2016 Tax year my wife has saved $ 1200.00 in a Roth Ira and no savings in the regular IRA. How much can she save in the regular Ira without any penalties? Thanks!

She can save up to the remainder of the maximum contribution limit shown below. You have until April 18, 2017 to make them for the 2016 tax year.

  • $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.
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Level 9

For 2016 Tax year my wife has saved $ 1200.00 in a Roth Ira and no savings in the regular IRA. How much can she save in the regular Ira without any penalties? Thanks!

She can save up to the remainder of the maximum contribution limit shown below. You have until April 18, 2017 to make them for the 2016 tax year.

  • $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.