Seven Roth IRA Requirements You Need to Know in 2017
1. Limits for Contributions Did Not Change
Individuals can contribute a maximum of USD 5,500, which did not change compared to 2016. Participants at least 50 years old can still contribute a maximum of USD 6,500 – commonly called a “catch up contribution.” Also remember that you can make IRA contributions until the tax due date in the next year.
The following table shows the contribution maximums in previous years.
|CONTRIBUTION YEAR||49 & UNDER||50 & OVER (CATCH UP)|
|2009||USD 5,000||USD 6,000|
|2010||USD 5,000||USD 6,000|
|2011||USD 5,000||USD 6,000|
|2012||USD 5,000||USD 6,000|
|2013||USD 5,500||USD 6,500|
|2014||USD 5.500||USD 6,500|
|2015||USD 5.500||USD 6,500|
|2016||USD 5.500||USD 6,500|
2. Income Limits For Contribution Eligibility Have Increased
While contribution limits did not change, show that maximum income at which one can no longer make contributions has increased.
Married individuals filing separately, and who have been participating in their employer-sponsored plan will not see any changes in their phase-out amounts.
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