IRS Sets 2015 IRA and 401(K) Limits

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

Do you currently contribute to an Individual Retirement Account or a 401(k) plan? If you are already putting aside some of your income to plan for retirement, be mindful of how much - did you know that the IRS limits how much can be contributed to your accounts each year? To learn how much you are permitted to tuck away in 2015, please see below:

IRA Contributions

• Roth IRA: $5,500
• Traditional IRA: $5,500
• Catch-Up IRA: $1,000 

401(k) Contributions

• $18,000
• Catch-Up: $6,000

Traditional IRA Deductibility Phase Out

• Singles covered by employment plans with a modified adjusted gross income: $61,000-$71,000
• Married couples filing together, with the contributing spouse covered by an employment plan: $98,000-$118,000
• Contributor not covered by an employment plan but connected through marriage to someone who is: $183,000-$193,000
• Married individual covered by an employment plan but filing separately from their spouse: $0-$10,000

Roth IRA Eligibility Phase Out

• Married couples filing together: $183,000 - $193,000
• Singles: $116,000 - $131,000

Self-Employed IRA:

• $53,000 

Simple IRA:

• $12,500
• Catch-Up: $3,000

For more information on this year's contribution limits, please click here.

American Investment Planners LLC is a financial planning firm headquartered in Jericho, NY. As one of the largest and most respected independent financial planning firms in the country, we work with generations of families to help them preserve their assets and create a solid financial legacy that can be passed on. To learn more about our services, please visit us at www.americaninvestmentplanners.com