There’s Still Time To Contribute To An IRA For 2015

There's Still Time To Contribute To An IRA For 2015

It's easy to forget that you can still contribute to an IRA for 2015 even though it is now 2016. In the tri-state area, the deadline to contribute for 2015 is April 18, 2016.

You can contribute up to $5,500 to a regular or Roth IRA, or both, ( as long as your contributions don't exceed the limit)  before the deadline. And if you were at least 50 years old by December 31, 2015, you can contribute up to $6,500 for yourself — and a similar amount for your spouse, even though he or she may not have had any 2015 income. 

If you and/or your spouse were covered by an employer-sponsored retirement plan in 2015, your ability to deduct your contributions may be limited or eliminated depending on your filing status and your modified adjusted gross income.

This is just a brief wake-up call concerning IRA contributions for 2015. If you have any questions, check with your tax advisor before the deadline.