Skip to main content
TurboTax
Community
TurboTax
Community
TurboTax
Community
K
kguan
June 1, 2019
Solved

What is the maximum amount of Roth eRA for senior to contribute for 2016? Is it still $6,500?

  • June 1, 2019
  • 1 reply
  • 0 views
No text available
Best answer by MinhT1

The maximum contribution to a Roth IRA for taxpayers aged 50 or over is $6,500 in 2016.

However, your contribution may be limited by your Modified Adjusted Gross Income and whether you are covered or not by a retirement plan at work.

Please read these 2 IRS documents for more information:

https://www.irs.gov/retirement-plans/plan-participant-employee/2016-ira-contribution-and-deduction-limits-effect-of-modified-agi-on-deductible-contributions-if-you-are-covered-by-a-retirement-plan-at-work

https://www.irs.gov/retirement-plans/plan-participant-employee/2016-ira-contribution-and-deduction-limits-effect-of-modified-agi-on-deductible-contributions-if-you-are-not-covered-by-a-retirement-plan-at-work



1 reply

M
MinhT1Answer
June 1, 2019

The maximum contribution to a Roth IRA for taxpayers aged 50 or over is $6,500 in 2016.

However, your contribution may be limited by your Modified Adjusted Gross Income and whether you are covered or not by a retirement plan at work.

Please read these 2 IRS documents for more information:

https://www.irs.gov/retirement-plans/plan-participant-employee/2016-ira-contribution-and-deduction-limits-effect-of-modified-agi-on-deductible-contributions-if-you-are-covered-by-a-retirement-plan-at-work

https://www.irs.gov/retirement-plans/plan-participant-employee/2016-ira-contribution-and-deduction-limits-effect-of-modified-agi-on-deductible-contributions-if-you-are-not-covered-by-a-retirement-plan-at-work



**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"
TurboTax Sign In Widget
TurboTax flag icon

Unlock tailored help options in your account

Create an account
TurboTax Expert Assist
TurboTax Expert

Get answers to all your tax questions

Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.

Terms & ConditionsAccessibility statement
Intuit
TurboTax Credit Karma QuickBooks MailChimp

©1997-2022 Intuit, Inc. All rights reserved.
Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks
of Intuit Inc. Terms and conditions, features, support, pricing, and service options
subject to change without notice.

Security Certification of the TurboTax Online application has been performed by
C-Level Security.

By accessing and using this page you agree to the Terms of Use.

Accessibility

TRUSTe nResult Certified e-File C-Level Security Certification