Contribution Limits and Deadlines
Tax Year 2016
The deadline for Traditional and Roth IRA contributions is April 18, 2017. Contribution limits for 2016 are as follows:
| Under age 50 on 12/31/16 | 50 or over on 12/31/16 | |
| Traditional IRA* | $5,500 | $6,500 |
| Roth IRA** | $5,500 | $6,500 |
| SIMPLE IRA | $12,500 | $15,500 |
| SEP IRA | The lesser of 25% of income or $53,000. |
* You cannot contribute to a Traditional IRA in the year you turn age 70½ or any year thereafter.
** You cannot contribute this full amount to a Roth IRA if you are a single filer whose Modified Adjusted Gross Income (MAGI) exceeds $117,000 or a joint filer whose MAGI exceeds $184,000.
Tax Year 2017
The deadline for Traditional and Roth IRA contributions is April 17, 2018. Contribution limits for 2017 are as follows:
| Under age 50 on 12/31/17 | 50 or over on 12/31/17 | |
| Traditional IRA* | $5,500 | $6,500 |
| Roth IRA** | $5,500 | $6,500 |
| SIMPLE IRA | $12,500 | $15,500 |
| SEP IRA | The lesser of 25% of income or $54,000. |
* You cannot contribute to a Traditional IRA in the year you turn age 70½ or any year thereafter.
** You cannot contribute this full amount to a Roth IRA if you are a single filer whose Modified Adjusted Gross Income (MAGI) exceeds $118,000 or a joint filer whose MAGI exceeds $186,000.