When can I contribute to an IRA? How much can be contributed?

You may make contributions at any time during a calendar year, up to the tax-filing deadline for said year without extensions. Deductibility of contributions will be determined when you complete your tax return. You may withdraw an IRA contribution made for a year anytime before April 15 of the following year.

If you do so, you must also withdraw the earnings attributable to that portion and report the earnings as income for the year for which the contribution was made. If some portion of your contribution is not deductible, you may decide either to withdraw the non-deductible amount or to leave it in the IRA and designate that portion as a non-deductible contribution on your tax return.

You may contribute to an IRA, or, if you are eligible for a Roth IRA, any amount up to the $5,500 (for 2017) or 100% of your compensation if less than $5,500. Additionally, a Catch-Up contribution of an additional $6,500 in 2017 can be made if you are age 50 or older in the contribution year.

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