How much can I contribute to my IRA in 2015?

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The combined amount you can contribute to your traditional and Roth IRAs remains at $5,500 for 2015, or $6,500 if you’ll be 50 or older by the end of the year. You can contribute to an IRA in addition to an employer-sponsored retirement plan like a 401(k).

But if you (or your spouse) participate in an employer-sponsored plan, the amount of traditional IRA contributions you can deduct may be reduced or eliminated (phased out), depending on your modified adjusted gross income (MAGI). Your ability to make annual Roth contributions may also be phased out, depending on your MAGI. These income limits (phase-out ranges) have increased for 2015:

Income phase-out range for deductibility of traditional IRA contributions in 2015

  1. Covered by an employer-sponsored plan and filing as:
  • Single/Head of household — $61,000 to $71,000
  • Married filing jointly — $98,000 to $118,000
  • Married filing separately — $0 to $10,000
  1. Not covered by an employer-sponsored retirement plan, but filing joint return with a spouse who is covered by a plan — $183,000 to $193,000

Income phase-out range for ability to contribute to a Roth IRA in 2015

  • Single/Head of household — $116,000 to $131,000
  • Married filing jointly — $183,000 to $193,000
  • Married filing separately — $0 to $10,000
 Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2016.

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