Tax season is upon us, and with that comes the deadline for making “prior-year” 2016 IRA contributions! April 18th, known as “Tax Day” also typically serves as the deadline for making IRA contributions for the tax year that you are reporting on.
Some information that may be useful to you…
Across all of your ROTH and your Traditional IRAs:
If you are under age 50 – your contribution limit is $5,500.
If you are age 50 are over – your contribution limit is $6,500.
However, please note, you can never contribute more than you’ve earned in income for the year. As you can tell, the rules of IRA contributions can vary greatly based on your personal situation; so if you are looking to make a ROTH or Traditional IRA contribution, Contact Us using the form below! We would be happy to explore whether or not it makes sense to work together.[contact-form to=’jonathan.hall@warburtoncapital.com’ subject=’IRA Contribution Deadline Post’][contact-field label=’Name’ type=’name’ required=’1’/][contact-field label=’Email’ type=’email’ required=’1’/][contact-field label=’Phone Number’ type=’text’ required=’1’/][contact-field label=’Comment’ type=’textarea’ required=’1’/][/contact-form]
Please view our important DISCLOSURE here!
All investing is subject to risk, including the possible loss of the money you invest. You may wish to consult a tax advisor about your situation.
When taking withdrawals from an IRA before age 59½, you may have to pay ordinary income tax plus a 10% federal penalty tax.
