Can You Make an IRA Contribution?

Well it depends. You have to have earned income such as wages or self employment income greater than or equal to the contribution amount which maxes out at $5,500 or $6,500 if 50 or older. You also must be under the age of 70 and 1/2 at the end of the year to do a traditional IRA contribution. If you are covered by an employer retirement plan, then there are adjusted gross income limitations for the deductible contribution amount. For 2016, the deduction phases out between $184,000 and $193,999 for those filing joint with only one spouse covered by a company retirement plan. For those filing single the phase out is $61,000 to $70,999. You can still do a Roth IRA if you are older than 70 and 1/2 and have earned income. Roth contributions are not tax deductible but grow tax free. IRA contributions have to be made by the due date of the return not including extensions.