Each year, you can contribute a set amount to an IRA to invest for your retirement. Forget to contribute last year? If it’s early in the year, it may not be too late. The IRS gives you until April 15* to make contributions for the previous year. Example: You can make 2015 contributions until April 15, 2016.*
Annual contribution limits are listed below. You can contribute an additional amount to your IRA each year if you are age 50 and older. These are called catch-up contributions. If you are married and your spouse is not working, you may also make a spousal contribution in to an IRA under your spouse's Social Security number.
Traditional IRA and Roth IRA Annual Contribution Limits
|Married Filing Jointly||$11,000||$11,000|
|Catch-Up Contributions (age 50 or older)||2015||2016|
|Married Filing Jointly||$2,000||$2,000|
*The IRA contribution deadline is April 15, or the next business day, if April 15 falls on a weekend or holiday.
This information is for educational purposes only and is not intended as tax advice. Please consult your tax advisor for more detailed information or for advice regarding your individual situation.