{"id":3414,"date":"2017-03-24T21:15:51","date_gmt":"2017-03-24T21:15:51","guid":{"rendered":"https:\/\/www.lmgw.com\/?p=3414"},"modified":"2017-03-24T21:15:51","modified_gmt":"2017-03-24T21:15:51","slug":"make-a-2016-ira-contribution","status":"publish","type":"post","link":"https:\/\/lmgw.com\/wordpress\/services\/tax\/make-a-2016-ira-contribution\/","title":{"rendered":"It&#8217;s Not Too Late to Make a 2016 IRA Contribution"},"content":{"rendered":"<p>If you haven&#8217;t contributed funds to an Individual Retirement Arrangement (IRA) for tax year 2016, or if you&#8217;ve put in less than the maximum allowed, you still have time to do so. You can contribute to either a traditional or Roth IRA until the April 18th due date, not including extensions.<\/p>\n<p>Be sure to tell the IRA trustee that the contribution is for 2016. Otherwise, the trustee may report the contribution as being for 2017 when they get your funds.<\/p>\n<p>Generally, you can contribute up to $5,500 of your earnings for tax year 2016 (up to $6,500 if you are age 50 or older in 2016). You can fund a traditional IRA, a Roth IRA (if you qualify), or both, but your total contributions cannot be more than these amounts.<\/p>\n<p><b>Traditional IRA<\/b>: You may be able to take a tax deduction for the contributions to a traditional IRA, depending on your income and whether you or your spouse, if filing jointly, are covered by an employer&#8217;s pension plan.<\/p>\n<p><b>Roth IRA<\/b>: You cannot deduct Roth IRA contributions, but the earnings on a Roth IRA may be tax-free if you meet the conditions for a qualified distribution.<\/p>\n<p>Each year, the IRS announces the cost of living adjustments and limitation for retirement savings plans.<\/p>\n<p>Saving for retirement should be part of everyone&#8217;s financial plan and it&#8217;s important to review your retirement goals every year in order to maximize savings. If you need help with your retirement plans, give the office a call.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you haven&#8217;t contributed funds to an Individual Retirement Arrangement (IRA) for tax year 2016, or if you&#8217;ve put in less than the maximum allowed, you still have time to do so. You can contribute to either a traditional or Roth IRA until the April 18th due date, not including extensions. Be sure to tell [&hellip;]<\/p>\n","protected":false},"author":20,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22,8],"tags":[],"class_list":["post-3414","post","type-post","status-publish","format-standard","hentry","category-personal-finance","category-tax"],"_links":{"self":[{"href":"https:\/\/lmgw.com\/wordpress\/wp-json\/wp\/v2\/posts\/3414","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lmgw.com\/wordpress\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lmgw.com\/wordpress\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lmgw.com\/wordpress\/wp-json\/wp\/v2\/users\/20"}],"replies":[{"embeddable":true,"href":"https:\/\/lmgw.com\/wordpress\/wp-json\/wp\/v2\/comments?post=3414"}],"version-history":[{"count":1,"href":"https:\/\/lmgw.com\/wordpress\/wp-json\/wp\/v2\/posts\/3414\/revisions"}],"predecessor-version":[{"id":3415,"href":"https:\/\/lmgw.com\/wordpress\/wp-json\/wp\/v2\/posts\/3414\/revisions\/3415"}],"wp:attachment":[{"href":"https:\/\/lmgw.com\/wordpress\/wp-json\/wp\/v2\/media?parent=3414"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lmgw.com\/wordpress\/wp-json\/wp\/v2\/categories?post=3414"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lmgw.com\/wordpress\/wp-json\/wp\/v2\/tags?post=3414"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}