Learn more – www.sfgacquisitions.com/iratips1 this is a brief video about the 2015 and 2016 Roth Contribution Limits and Deadlines.

2015 and 2016 Roth IRA Contribution Limits

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The Roth IRA, or Individual Retirement Arrangement, is a popular retirement savings vehicle that allows individuals to save for retirement in a tax-advantaged way. Contributions to a Roth IRA are made with after-tax dollars, meaning that withdrawals in retirement are generally tax-free. For those looking to maximize their retirement savings, it’s essential to understand the contribution limits set by the Internal Revenue Service (IRS) for each tax year.

In 2015, the contribution limit for Roth IRAs was $5,500 for individuals under the age of 50. For those aged 50 and above, there was a “catch-up” contribution allowed, which increased the limit to $6,500. These limits remained unchanged from 2013 and 2014, reflecting the relatively stable nature of the economy and financial markets during that time.

In 2016, the contribution limits for Roth IRAs remained the same as the previous year. Individuals under the age of 50 could contribute up to $5,500, while those 50 and older were eligible for the increased limit of $6,500. This stability in contribution limits provided consistency and predictability for savers, allowing them to plan and budget their retirement savings accordingly.

It’s important to note that Roth IRA contribution limits are subject to income restrictions. For 2015, single filers had to have a modified adjusted gross income (MAGI) of less than $116,000 to make a full contribution, with a phase-out range between $116,000 and $131,000. For married couples filing jointly, the MAGI limit was $183,000, with a phase-out range between $183,000 and $193,000.

In 2016, these income limits were slightly increased, with single filers allowed to make a full contribution if their MAGI was below $117,000, and a phase-out range between $117,000 and $132,000. For married couples filing jointly, the MAGI limit was $184,000, with a phase-out range between $184,000 and $194,000.

Anyone with a MAGI above the phase-out range was ineligible to contribute to a Roth IRA for that tax year. It’s essential for individuals to be aware of these income limits when planning their contributions to avoid any potential penalties from the IRS.

Overall, the stability of Roth IRA contribution limits in 2015 and 2016 provided a sense of consistency and reliability for retirement savers. As the economy and financial landscape continue to evolve, it’s crucial for individuals to stay informed of any changes to contribution limits and income restrictions to make the most of their retirement savings opportunities.