How much can my wife or I contribute to a traditional or Roth IRA?

[mullenfam6]

 I am retired and receive income from my retirement plan.  I work part time as a consultant.  My wife is retired and receives social security and Medicare benefits.

[MaryK1 · Accepted solution]

For 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.

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.  If neither spouse participated in a retirement plan at work, all of your contributions will be deductible.

You can’t make regular contributions to a traditional IRA in the year you reach 70½ and older. However, you can still contribute to a Roth IRA and make rollover contributions to a Roth or traditional IRA regardless of your age.