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2017 and 2018 IRA Contribution Limits & Deadlines

Individual retirement accounts (IRAs) are among the most common ways to save for retirement. Two of the most frequently asked questions about IRAs are, "How much can I contribute?" and "What's the deadline for my annual contribution?"

2017 and 2018 Contribution limits

Here are the annual IRA contribution limits for 2017 and 2018:

  • Age 49 and younger: $5,500
  • Age 50 and older: $6,500

To make a contribution, you have to be eligible, which means you must either:

  • Have earned income, or
  • Have a spouse with earned income and file a joint tax return.

If you have more than one IRA (for example a traditional and a Roth), your total combined contribution to all your accounts cannot exceed the above limits. If you're 50 or over, you can make a $1,000 "catch-up" contribution and increase that amount to $6,500.

In addition, if your income exceeds certain levels, the maximum you can contribute to a Roth IRA may be lower than the above amounts, or you may not be able to contribute to a Roth IRA at all. It's all based on your modified adjusted gross income, or MAGI. Below is an overview; if your MAGI falls in the "partial" range, your tax advisor can help determine your exact maximum.

2017 MAGI
2017 Roth IRA Contribution Limit
2018 MAGI
2018 Roth IRA Contribution Limit
Individual Filer
Less than $118,000
Full
Less than $120,000
Full
$118,000 - $132,999
Partial
$120,000 - $134,999
Partial
$133,000 or more
None
$135,000 or more
None
Married Filing Jointly
Less than $186,000
Full
Less than $189,000
Full
$186,000 - $195,999
Partial
$189,000 - $198,000
Partial
$196,000 or more
None
$199,000 or more
None
Married Filing Separately
$1 - $9,999
Partial
$1 - $9,999
Partial
$10,000 or more
None
$10,000 or more
None

2017 Contribution deadline

The deadline to make your yearly IRA contribution is April 17 of the following year.

Remember, you can contribute to your IRA any time. For example, you can make your 2017 contribution any time between Jan. 1, 2017, and April 17, 2018. And the earlier you contribute, the more time your money will have to benefit from potential growth.

For more details about IRA requirements, visit the IRS website.

Don't miss out

An IRA can be an essential part of your retirement savings strategy. It offers a tax-advantaged way to help build your retirement nest egg. Even if you have a retirement plan at work, you can contribute to an IRA.

Don't pass up this opportunity to help prepare for your financial future. Your Edward Jones financial advisor can answer your questions, review your current savings and help you develop a personalized strategy to achieve your retirement goals.

Important Information:

TRADITIONAL: Early withdrawals are subject to ordinary income tax and a 10% penalty if you take a distribution before reaching age 59½.

ROTH:  Earnings distributions from a Roth IRA may be subject to taxes and a 10% penalty if the account is less than five years old and the owner is under age 59½.

More resources:

Comparing Traditional & Roth IRAs

Get an at-a-glance comparison of the main features of traditional and Roth IRAs.

Retirement Resources

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