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I quit my job in October. I have an additional earned income…

Hello, I quit my job in...
Hello,
I quit my job in October. I have an additional earned income $15,312 to contribute to my former Roth IRA that I started when I was working. This was income earned in 2017.
Is this permissible?
How do I do this to make sure it is legal?
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Answered in 3 minutes by:
11/21/2017
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 31,308
Experience: Taxes, Immigration, Labor Relations
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For 2015, 2016, 2017 and 2018, your total contributions to all of your traditional and Roth IRAs cannot be more than:
•$5,500 ($6,500 if you’re age 50 or older), or
•your taxable compensation for the year, if your compensation was less than this dollar limit.

.

So - if you had earned income $15,312 in 2017 - you may contribute up to $5,500 into either traditional or Roth IRA account for 2017.

You can’t make regular contributions to a traditional IRA in the year you reach 70½ and older. However, you can still contribute to a Roth IRA and make rollover contributions to a Roth or traditional IRA regardless of your age.

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Customer reply replied 3 months ago
I see. Thank-you.
Customer reply replied 3 months ago
I do not need to talk to you.

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If you still have any doubts, need clarification - please be sure to ask.

I am here to help you with all Social Security / Tax related issues.

Lev
Lev, Tax Advisor
Category: Tax
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