It is not too late to contribute into your IRA for 2016. You have until April 17, 2017 to contribute $5,500 or $6,500 if you are over 50 into your IRA.
Please note the following limitations:
- Taxable compensation is required to make Traditional IRA contributions. An individual can contribute 100% of their taxable compensation up to the contribution limit. Taxable compensation is generally defined as income from wages, salaries, tips or other taxable employee pay. It does not include interest or dividend income, retirement income, social security, unemployment, child support or alimony.
- Contributions to a Traditional IRA end at age 70.5.
- The IRA contribution limit does not apply to rollovers and transfers.
Depending on your marital status, income level, and if you have a retirement plan at your place of employment, your IRA Contribution may be fully or partially tax deductible.