Harless Tax Blog

Harless Tax Blog

Factoid

Tuesday, January 24, 2017

In 2017, the maximum Social Security benefit for a worker retiring at full retirement age (now 66) is $2,687 a month, or $32,244 a year.

Contributions to a traditional IRA are prohibited for those 70½ or older. Contributions to a Roth IRA are permitted, regardless of age.

If married couples file a joint tax return, one spouse may be able to contribute to an IRA even without taxable compensation for the year. The amount of the couple’s combined contributions can’t exceed the taxable compensation reported on the joint return.