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I have a couple clients that are interested to contribute to…

I have a young couple...
I have a young couple clients that are interested to contribute to traditional IRA for the year 2017. In the earlier part of the year, one of the couples was participating in the employer retirement plan and the other one has participated in employer Roth plan. Could they still each contribute full $5500.
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Answered in 19 minutes by:
3/27/2018
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,137
Experience: Taxes, Immigration, Labor Relations
Verified

Yes - they may still make contribution into traditional or Roth IRA.

We still need to consider

-- contributions into traditional IRA might be allowed but depending on gross income - might be not deductible.

-- contributions into Roth IRA might be limited based on their gross income.

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Customer reply replied 3 months ago
Could you please provide me the source of your information?

https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-limits

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.

.

2017 IRA Deduction Limits - Effect of Modified AGI on Deduction if You Are Covered by a Retirement Plan at Work

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

married filing jointly

And Your Modified AGI Is...

$99,000 or less -->> a full deduction up to the amount of your contribution limit.

more than $99,000 but less than $119,000 -->> a partial deduction.

$119,000 or more -->> no deduction

.

Amount of Roth IRA Contributions That You Can Make For 2017

https://www.irs.gov/retirement-plans/amount-of-roth-ira-contributions-that-you-can-make-for-2017

married filing jointly

And your modified AGI is...

< $186,000 -->> up to the limit

> $186,000 but < $196,000 -->> a reduced amount

> $196,000 -->> zero

Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,137
Experience: Taxes, Immigration, Labor Relations
Verified
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