I have a retirement fund at work. I would like to contribute to an IRA additionally. I am 62 years, what is the amount allowed for retirement contribution?

[MichaelDC · Accepted solution]

That depends on your filing status. As long as you're younger than 70-1/2, age is not an issue. Please feel free to post any additional details or questions in the comment section.

If your income is between $62,000 and $72,000 in 2017, you qualify for a partial deduction. If you are married filing a joint return, the phase-out limit for deductible IRA contributions begins at $99,000 in 2017 and the write-off disappears once your income tops $119,000.

Also, if you participate in a retirement savings plan at work in 2017, but your spouse doesn't, you can make tax-deductible contributions to an IRA if your adjusted gross income on your joint return is $186,000 or less. You can claim a partial deduction if your income is between $186,000 and $196,000. You can't deduct your IRA contribution once your income tops $196,000.