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I file a joint return with my husband. I have a rollover IRA…

I file a joint return...
I file a joint return with my husband. I have a rollover IRA and want to do a contribution for 2017 to be able to use it as a tax deduction. 2 questions:
What is the cap on individual contributions that are deductable?
Do I need to contribute the money before January 1st, 2018 or do I have until April 15th to do it and still count for 2017?
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Answered in 8 minutes by:
12/29/2017
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,484
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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First the easy part. you have until April 15th to make a contribution for tax year 2017

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The CONTRIBUTION amount is 5500 (6500) for someone over age

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How much of that is deductible depends on whether you have qualified plan coverage through the workplace (if non, it's all deductible)

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For joint filers, (covered under a workplace plan) if income is under 99,000 the entire contribution is deductible.

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For joint filers (with workplace coverage) if income is 119000 or more, there's no deduction.

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Between 99,000 and 119000 the deduction is pro-rated. As an example, at 109000 1/2 of your contribution would be deductible.

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https://www.irs.gov/retirement-plans/2017-ira-deduction-limits-effect-of-modified-agi-on-deduction-if-you-are-covered-by-a-retirement-plan-at-work

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https://www.irs.gov/retirement-plans/ira-deduction-limits

Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,484
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified
Lane and 87 other Tax Specialists are ready to help you
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Customer reply replied 1 month ago
$6500 for over what age?
Sorry, over 50
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Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,484
13,484 Satisfied Customers
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

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