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I did not contribute to my Roth IRA in calendar year 2016. I have already filed my 2016 taxes, and plan to make my 2016 Roth IRA contribution before April 2017.

Once I do that, am I still able to make another contribution later this year for 2017?

In other words, can I put in $5500 for 2016, and another $5500 for 2017?

  • Possible duplicate of How can I make a Roth IRA contribution AFTER filing taxes for 2010? – Nathan L Feb 17 '17 at 16:14
  • If we close this as a duplicate, I will delete my answer. – Nathan L Feb 17 '17 at 16:14
  • The first half of the question is definitely a dup. The second half is not (at least not a dup to that question...) – TTT Feb 17 '17 at 16:26
  • I saw the 2010 question, but as that was asked several years ago and changes happen year-to-year, I decided it was worth asking again – Natalie How Feb 17 '17 at 16:52
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The limit for IRA contributions is $5,500 per year for both 2016 and 2017. If you wanted to you could deposit $11,000 all at once into your IRA account between now and April 15, and allocate 5500 to each year. This is true regardless of whether it is a Traditional or Roth IRA. However, since you already filed your 2016, it is easiest to put the 2016 amount into a Roth, otherwise you would have to amend your 2016 return. Note you have until April 15, 2018 to make all of your 2017 IRA contributions.

Tip: if you want to deposit more than 5500 prior to April 15 all at once, I would recommend splitting it up into two transactions (5500 for 2016 and however much for 2017). This is because many banks allocate a deposit to the tax year, and may not be able to split a single deposit in their system for reporting purposes.

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Yes, that is allowable as long as you do it before the deadline.

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am I still able to make another contribution later this year for 2017?

In short, yes. Keep in mind that you can make multiple contributions as long as the total under the contribution limit.

is the allowable contribution for both years $5500?

Again, yes. The contribution limit did not change from 2016 to 2017.

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