--- title: You Still Have Time To Make 2017 IRA Contributions - Brown Edwards description: Tax-advantaged retirement plans like IRAs allow your money to grow tax-deferred — or, in the case of Roth accounts, tax-free. The deadline for 2017 contributions is April 17, 2018. Deductible contributions will lower your 2017 tax bill, but even nondeductible […] image: https://blog.becpas.com/hubfs/Imported_Blog_Media/04_03_18_527888272_ITB_560x292.jpg --- [Twitter ** ](https://www.facebook.com/BrownEdwardsCPAs?utm_source=BE+Website&utm_medium=Website+Icon&utm_campaign=BE+Website+Social+Icon&utm_content=Facebook) [Facebook-f ** ](https://www.linkedin.com/company/brown-edwards/?utm_source=BE+Website&utm_medium=Website+Icon&utm_campaign=BE+Website+Social+Icon&utm_content=LinkedIn) [Linkedin ** ](https://www.youtube.com/channel/UC3ReCSn6AFfdQiCUsH4oopA?utm_source=BE+Website&utm_medium=Website+Icon&utm_campaign=BE+Website+Social+Icon&utm_content=YouTube) [Youtube ** ](https://www.youtube.com/channel/UC3ReCSn6AFfdQiCUsH4oopA?utm_source=BE+Website&utm_medium=Website+Icon&utm_campaign=BE+Website+Social+Icon&utm_content=YouTube) [ Client Portal ](https://becpas.sharefile.com/Authentication/Login) [ Make A Payment ](https://becpas.com/payments/) [ Request Proposal ](https://becpas.com/request-for-proposal/) ![](https://blog.becpas.com/hubfs/Imported_Blog_Media/04_03_18_527888272_ITB_560x292.jpg) # You Still Have Time To Make 2017 IRA Contributions Published by [ Laura Sprouse ](https://blog.becpas.com/author/laura-sprouse) on Apr 3, 2018 3:38:54 PM Tax-advantaged retirement plans like IRAs allow your money to grow tax-deferred — or, in the case of Roth accounts, tax-free. The deadline for 2017 contributions is April 17, 2018. Deductible contributions will lower your 2017 tax bill, but even nondeductible contributions can be beneficial. **Don’t lose the opportunity** The 2017 limit for total contributions to all IRAs generally is $5,500 ($6,500 if you were age 50 or older on December 31, 2017). But any unused limit* can’t *be carried forward to make larger contributions in future years. This means that, once the contribution deadline has passed, the tax-advantaged savings opportunity is lost forever. So to maximize your potential for tax-deferred or tax-free savings, it’s a good idea to use up as much of your annual limit as possible. **3 types of contributions** If you haven’t already maxed out your 2017 IRA contribution limit, consider making one of these types of contributions by April 17: 1. ** Deductible traditional.** With traditional IRAs, account growth is tax-deferred and distributions are subject to income tax. If you and your spouse *don’t *participate in an employer-sponsored plan such as a 401(k), the contribution is fully deductible on your 2017 tax return. If you or your spouse *does* participate in an employer-sponsored plan, your deduction is subject to a modified adjusted gross income (MAGI) phaseout: - For married taxpayers filing jointly, the phaseout range is specific to each spouse based on whether he or she is a participant in an employer-sponsored plan: - For a spouse who participates: $99,000–$119,000. - For a spouse who doesn’t participate: $186,000–$196,000. - For single and head-of-household taxpayers participating in an employer-sponsored plan: $62,000–$72,000. Taxpayers with MAGIs within the applicable range can deduct a partial contribution; those with MAGIs exceeding the applicable range can’t deduct any IRA contribution. 1. ** Roth.** With Roth IRAs, contributions aren’t deductible, but qualified distributions — including growth — are tax-*free*. Your ability to contribute, however, is subject to a MAGI-based phaseout: - For married taxpayers filing jointly: $186,000–$196,000. - For single and head-of-household taxpayers: $118,000–$133,000. You can make a partial contribution if your MAGI falls within the applicable range, but no contribution if it exceeds the top of the range. 1. ** Nondeductible traditional. **If your income is too high for you to fully benefit from a deductible traditional or a Roth contribution, you may benefit from a* non*deductible contribution to a* traditional *IRA. The account can still grow tax-deferred, and when you take qualified distributions you’ll be taxed only on the growth. Alternatively, shortly after contributing, you may be able to convert the account to a Roth IRA with minimal tax liability. **Maximize your tax-advantaged savings** Traditional and Roth IRAs provide a powerful way to save for retirement on a tax-advantaged basis. Contact us to learn more about making 2017 contributions and making the most of IRAs in 2018 and beyond. *© 2018* [Back to Blog](https://blog.becpas.com) ## Related Articles ## [2016 IRA Contributions — It’s Not Too Late!](https://blog.becpas.com/2016-ira-contributions-not-late) Yes, there’s still time to make 2016 contributions to your IRA. The deadline for such contributions... [Read More ](https://blog.becpas.com/2016-ira-contributions-not-late) ## [It’s not too late to trim your 2024 taxes](https://blog.becpas.com/its-not-too-late-to-trim-your-2024-taxes) As the end of the year draws near, savvy taxpayers look for ways to reduce their tax bills. This... [Read More ](https://blog.becpas.com/its-not-too-late-to-trim-your-2024-taxes) ## [From Patience to Paychecks: Congress Wants Taxes Now](https://blog.becpas.com/from-patience-to-paychecks-congress-wants-taxes-now) Congress figured out that patience isn’t a revenue strategy. Why wait for taxes in 20 years when... [Read More ](https://blog.becpas.com/from-patience-to-paychecks-congress-wants-taxes-now) ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Laura Sprouse", "url" : "https://blog.becpas.com/author/laura-sprouse" }, "dateModified" : "2021-06-01T21:22:15.646Z", "datePublished" : "2018-04-03T19:38:54.000Z", "headline" : "You Still Have Time To Make 2017 IRA Contributions - Brown Edwards", "image" : [ "https://blog.becpas.com/hubfs/Imported_Blog_Media/04_03_18_527888272_ITB_560x292.jpg" ], "mainEntityOfPage" : { "@id" : "https://blog.becpas.com/you-still-have-time-to-make-2017-ira-contributions", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://blog.becpas.com/hubfs/2021%20BE-Logo-4color-oldgold-3.png" }, "name" : "Brown Edwards & Company, LLP" } } ```