Friday, October 30, 2015

2015 IRA Contribution Limits

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Retirement Topics - IRA Contribution Limits

For 2015 and 2016, your total contributions to all of your traditional and Roth IRAs cannot 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.
The IRA contribution limit does not apply to:

Claiming a tax deduction for your IRA contribution

Your traditional IRA contributions may be tax-deductible. The deduction may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels.

Roth IRA contribution limit

The same general contribution limit applies to both Roth and traditional IRAs. However, your Roth IRA contribution might be limited based on your filing status and income.
For more information, refer to,-Employee/Retirement-Topics-IRA-Contribution-Limits 

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