What amount is allowed for a catch p IRA?

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I am contributing 6500.00 to a traditional IRA for 2017. Am I allowed to make a catch up contribution for 2017 or any other year?

RachelW33Answer

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For 2017, your Traditional IRA Contributions cannot exceed the lesser of $5,500 or compensation. If you are age 50 or older as of year-end, you can include an additional "catch-up" contribution of up to $1,000, making the maximum contribution $6,500.

At this point, you cannot make catch-up contributions for any year prior to 2017. In addition, your 2017 Traditional IRA Contribution of $6,500 must be made by 4/17/18.

You can check out this TurboTax FAQ for more information: https://ttlc.intuit.com/replies/3301534

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RachelW33

Answer

Alumni - Expert

At this point, you cannot make catch-up contributions for any year prior to 2017. In addition, your 2017 Traditional IRA Contribution of $6,500 must be made by 4/17/18.

You can check out this TurboTax FAQ for more information: https://ttlc.intuit.com/replies/3301534

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"