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New Member
posted Jun 4, 2019 11:05:04 PM

I retired in January 2018 and my earned income for 2018 is $3212.26. Is that my maximum allowable contribution to a traditional IRA, or can I contribute more?

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1 Best answer
Expert Alumni
Jun 4, 2019 11:05:06 PM

Yes.  Your contribution will be limited to the amount of your earned income.

For 2018, the maximum annual contribution is the smaller of these:

  • $5,500 or $6,500 if over age 50
  • 100% of your compensation

1 Replies
Expert Alumni
Jun 4, 2019 11:05:06 PM

Yes.  Your contribution will be limited to the amount of your earned income.

For 2018, the maximum annual contribution is the smaller of these:

  • $5,500 or $6,500 if over age 50
  • 100% of your compensation