March 3rd, 2017 | Judy Chambers

2017 income tax deadline and IRA contributions

April 18th is fast approaching!   That’s right; the deadline again this year is April 18th.  The reason for the later date is that April 15th is on a Saturday and the next business day is Monday April 17th which is a holiday, Emancipation Day, in Washington DC.

Here are a few things to remember:

  • If you have not made a contribution to your IRA yet for 2016 this needs to be completed by April 18th.
  • Opening an IRA and making a contribution needs to be completed by April 18th.
  • If you are 70 ½ you cannot make contributions to a traditional IRA in the year that you reach 70 ½ or older.
  • Your traditional IRA contributions may be tax-deductible.  Please check with your CPA

Contributions limits are as follows:

2016 and 2017 Traditional and Roth IRA Contribution limits:

  • $5,500 (under age 50)
  • $6,500 (age 50 or older)