Seeking 2017 IRA contribution clarification
Subject: Seeking 2017 IRA contribution clarification
I have a question about 2017 IRA contribution and seeking clarification of what I understand –
Tax File Status: Single
Gross salary: $118,000/year
Age: Under 50
Question #1: I’m I allowed to contribute the full $5,500 into a Roth IRA? If not, I’m I allowed to contribute the full $5,500 into a traditional IRA?
Question #2: Employer may transfer my employment contract to our international office and have me work/live internationally sometime this year (2017). If I understand the rules, if one lives and works outside of the US, then that person cannot contribute to their IRA. What would happen legally/ financially to me if I contribute to my IRA then I move out of the country later this year?