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Chart: IRA Contribution Limits for 2015

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If you have yet to contribute to your self-directed IRA, consider doing so before the tax deadline in order to maximize your tax benefits. For 2016, the overall contribution limits remain the same. 

Don't forget: the tax deadline is April 18, 2016: you get three extra days to file your federal tax return. Consider growing your investment earnings on a tax-deferred or tax-free basis, depending on the plan type. While all self-directed IRAs allow for the same alternative investments, not every plan has similar rules and regulations dictating contribution limits and deductibility.  Below is a chart with some helpful numbers for contributions limits for the year.

IRA Contribution Limits for 2014 - 2015

Individual Plans
Traditional IRA and Roth IRA Contribution Limits  2014 2015 
Up to age 50 $5,500 $5,500
Catch-Up Contributions Age 50+  $1,000 $1,000
Total Contribution if Over the Age of 50+  $6,500 $6,500

 

Roth IRA Contribution Limits MAGI Phase-Out Ranges 2014 2015
Single Individuals $112,000-$127,000 $116,000-$131,000
Married, Filing a Joint Tax Return  $178,000-$188,000 $183,000-$193,000
Married, Filing Separate Tax Returns  $0-$10,000 $0-$10,000

 

Traditional IRA Modified Adjusted Gross Income Limits 2014 2015
Single Active Participant  $60,000 - $70,000 $61,000-$71,000
Married Active Participant, Filing Joint Tax Return   $96,000 - $116,000 $98,000-$118,000
Married Active Participant, Filing Separate Tax Return  $0-$10,000 $0-$10,000
Spouse of an Active Participant  $181,000-$191,000 $183,000-$193,000

 

Small Business Plans
SIMPLE IRA Contribution Limits  2014 2015 
Employee Elective Deferrals $12,000 $12,500
Catch-Up Elective Deferral Contribution Age 50+  $2,500* $3,000*
*Your employer can elect from two different contribution methods. Check with your employer which option they have chosen. Employer contributions are in addition to your elective deferrals.

 

SEP IRA Contribution Limits 2014 2015
SEP Employer Contribution Limits Up to 25% of compensation,
  with a maximum of $52,000*
Up to 25% of compensation,
  with a maximum of $53,000*
SEP Current Year Compensation Limits  $550 $600

 

Individual(k) Plan and Individual Roth IRA 2014 2015
Employer Contributions Up to $52,000 Up to $53,000
Employee Elective Deferrals Up to $17,500 Up to $18,000
Catch-Up Elective Deferral Contribution Age 50+ Up to $5,500 Up to $6,000
*The employer can contribute up to 25% of your compensation up to the maximum limit.  Employer contributions and employee elective deferrals in aggregate may not exceed this limit. Compensation limits and deductibility apply so contact your employer for further information.

 

Other Tax-Advantaged Plans
Coverdell ESA Contribution Limits  2014 2015 
Per year until the child is age 18, unless the child
  has special needs.
$2,000 $2,000

 

Health Savings Accounts 2014 2015
High Deductibles/Out of Pocket Limits
Single Coverage - Minimum/Maximum $1,250/$6,350 $1,300/$6,450
Family Coverage-Minimum/Maximum $2,500/$12,700 $2,600/$12,900
Health Savings Account Contribution Limits
Single Coverage $3,300 $3,350
Family Coverage $6,550 $6,650
Plus $1,000 catch-up contribution if you are age 55+

The Entrust Group does not offer investment, tax, financial or legal advice to clients. Individuals who believe they need advice should consult with qualified professional(s) licensed in that area. This section of our website is devoted to providing clients and potential client with educational information. It is in no way intended as tax advice.

Learn more about how to transfer or rollover your retirement account to an Entrust Self-Directed IRA by requesting a free consultation

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