MBR Financial, Inc.
2000 West Loop South
Ste. 1510
Houston, TX 77027
832-667-8787
281-974-2108
contactus@mbrfinancial.com
 
 




IRA Eligibility Flowchart: 2016
IRA Eligibility Flowchart: 2016

Choose from the following selections if your federal income tax filing status is:

What you need to know before beginning:
  • Married couples should evaluate their options independently. Use this flow chart twice--once for you and once for your spouse.
  • You can't contribute to a traditional IRA once you've reached age 70½ (there is no age cutoff for Roth IRAs).
  • The total amount that you as an individual can contribute to either a traditional or Roth IRA is limited to the lesser of $5,500 ($6,500, if 50 or older) or 100 percent of your earned income for the year. (The annual IRA limits don't apply to rollover contributions or repayments of qualified hurricane distributions and qualified reservist distributions.)
  • There is often no reason to make nondeductible traditional IRA contributions when you qualify to fund a Roth IRA. However, the choice between funding a Roth IRA or making deductible contributions to a traditional IRA depends on your particular circumstances.
  • Spousal IRA: If you are married and file a joint return, and either you or your spouse has less than $5,500 in earned income, special rules apply.
  • The choices available to you depend in large part on your modified adjusted gross income for the year.


IMPORTANT DISCLOSURES Broadridge Investor Communication Solutions, Inc. does not provide investment, tax, legal, or retirement advice or recommendations. The information presented here is not specific to any individual's personal circumstances. To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances. These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable — we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2018.