How long do I have to make 2015 IRA contributions?
You can make 2015 IRA contributions until April 18, 2016, excluding extensions.
How much can I contribute to an IRA?
The contribution limit for 2015 and 2016 is $5,500, or $6,500 if you’re age 50 or older. Your Roth IRA contributions may also be limited based on your filing status and income. See IRA Contribution Limits.
Is my IRA contribution deductible on my tax return?
If neither you nor your spouse is covered by a retirement plan at work, your deduction is allowed in full.
For contributions to a traditional IRA, the amount you can deduct may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels.
Roth IRA contributions aren’t deductible.
Can I contribute to a traditional or Roth IRA if I’m covered by a retirement plan at work?
Yes, you can contribute to a traditional and/or Roth IRA even if you participate in an employer-sponsored retirement plan (including a SEP or SIMPLE IRA plan).If you or your spouse is covered by an employer-sponsored retirement plan and your income exceeds certain levels, you may not be able to deduct your entire contribution.
I want to set up an IRA for my spouse. How much can I contribute?
If you file a joint return and have taxable compensation, you and your spouse can both contribute to your own separate IRAs.
Your total contributions to both your IRA and your spouse’s IRA may not exceed your joint taxable income or the annual contribution limit on IRAs times two, whichever is less. It doesn’t matter which spouse earned the income.
Roth IRAs and IRA deductions have other income limits.
Posted on March 1, 2016