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January 25, 2018
If you have not made the maximum contribution to your 2017 IRA for the 2017 tax year, you might be missing out on a potential tax deduction. The good news is that there is still time. For most individuals, you can make a 2017 contribution up until April 17, 2018 and still claim it on your 2017 tax filing, if eligible. Be sure, though, to designate your contribution properly for that year through your financial institution or they might record it for 2018.
Eligible individuals can contribute a maximum of 100 percent of their earned income up to $5,500 (plus a $1,000 catch-up contribution if age 50 or older) to their 2017 IRA. Married individuals who file a joint tax return can consider their spouses’ income too. The contribution limit applies to all your IRAs combined (Traditional and Roth).
Calculate Your Maximum Contribution
Many factors can affect your eligibility and contribution limits, including tax filing status, current earned income level, or whether or not you participate in a retirement plan at work. Use our IRA calculator to help determine if you are eligible to contribute to both a Traditional IRA and Roth IRA and the maximum contribution amount.
In addition, you should consider contacting a qualified tax professional to discuss your specific situation.
If you have any questions about IRAs, IRA contributions, or using an IRA as a part of your retirement planning strategy, let me know. As the CFS* financial advisor at 1st United Credit Union, I am available to meet with you by phone or you can schedule an appointment to meet with me at any 1st United branch.
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*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. The Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.
CFS representatives do not provide tax or legal guidance. For such guidance, please consult with a qualified professional.