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Old 08-14-2015, 12:29 PM
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2015 Changes to Income Limits for IRA Contributions

IRS Announces that for 2015, "the tax deduction for making a traditional IRA contribution is phased out for investors who have a workplace retirement plan and a modified adjusted gross income of more than $61,000 but less than $71,000 for individuals, and more than $98,000 but less than $118,000 for couples in 2015."

Also, "for individuals who don’t have a workplace retirement plan but are married to someone who does, the tax deduction for an IRA contribution is phased out if the couple’s income is more than $183,000 but less than $193,000 in 2015."

Note that "the maximum contribution for an IRA has not changed for 2015 and remains at $5,500 for people under 50, with an additional catch-up of $1,000 for those 50 and older for a total of $6,500."

Read more: Five Tax Law Changes In 2015 You Need To Know
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