Time is running out! The deadline for a 2015 traditional or Roth IRA contribution is the same as the tax-filing deadline – April 18. Eligible taxpayers can contribute up to $5,500 to a traditional or Roth IRA, or $6,500 if they are age 50 or older. Contributions can be made to more than one IRA or Roth IRA account, but the total contribution cannot exceed this limit.
Contributions to a traditional IRA have no annual income limits for being eligible for tax deductions, unless you or your spouse participate in a workplace savings plan such as a 401(k) or 403(b) and your income exceeds specific levels. Contributions to a Roth IRA are not tax deductible. Unlike a traditional IRA, contributions to a Roth IRA are subject to income limits.
Click Here for more information on IRA Contribution Limits and Deadlines.
To find out if you are eligible to make a traditional or Roth IRA contribution for 2015, please consult your tax expert.