Individual
Retirement Accounts, or IRAs, are important vehicles for you to save for your future retirement.
There are four key year-end rules that
you need to know.
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· Know your contribution
and deduction limits.
If you are age under 50 and single, you can contribute up to a maximum of $5,500 ($6,500 if you are age 50 or older) to a traditional
or Roth IRA. If you file a joint return, both you and your spouse can each
contribute to an IRA even if only one of you has taxable earned income. You
have until April 17, 2017, to make your IRA contribution for 2016. If you or your spouse has a retirement plan at work and your income is above a certain level, you may need to reduce
your deduction for your traditional
IRA contributions.
