Ira contribution deductible

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I've already made a $6500 contribution to a Roth IRA (in 2016). Does that mean I cannot now make an eligible IRA contribution before 4/18/17 ?

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macuser_22Answer

Alumni - Champ

Yes, that i what it means. The limit, if over age 50, is $6,500 for the tax year. You can make a 2017 contribution, but not another 2016 contribution.

**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.**

macuser_22

Answer

Alumni - Champ

Yes, that i what it means. The limit, if over age 50, is $6,500 for the tax year. You can make a 2017 contribution, but not another 2016 contribution.

**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.**