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You still have time to make 2017 IRA contributions

Posted by Admin Posted on Apr 04 2018

Have you made your 2017 IRA contributions? You still have time: The deadline is April 17, 2018. Deductible contributions will lower your 2017 tax bill, but even nondeductible ones can be beneficial because of tax-deferred growth (tax-free in Roth accounts). The 2017 contribution limit is $5,500 (plus $1,000 for those age 50 or older on Dec. 31, 2017). But your traditional IRA deduction or Roth IRA contribution may be further limited based on your income. Remember, once the deadline has passed, the savings opportunity is lost forever.