If you haven’t already funded your retirement account for 2016, you may still do so. You have until April 17, 2017 for contributions to a traditional IRA, deductible or not, and to a Roth IRA.
Your total contributions to all your traditional and Roth IRAs can’t be more than $5,500 ($6,500, if you’re age 50 or older) or your taxable compensation for the year, if your compensation was less than this dollar limit. Making a deductible contribution will help you lower your tax bill this year.
This IRA contribution limit does not apply to rollover contributions and Qualified reservist payments.