IRA Accounts

An easy way to save for your future.

When other retirement or financial resources fall short, a Traditional IRA can be a valuable retirement savings tool. With so many incentives for placing your money in an IRA, including multiple tax advantages, a Traditional IRA may be just the right savings vehicle for you.

As long as you are under 70 ½ and earning income from personal services rendered, you can establish and contribute to a Traditional IRA.

Contributing to a Traditional IRA

You can deposit as little or as much as you want into your IRA each year, up to the limit set by law. The limit is the lesser of:

  • The annual contribution limit ($5,500 for 2015), plus a $1,000 catch-up contribution if you are age 50 or older.
  • 100% of your earned income.

2015 Income Limits for Tax Deductions

IRA Holder Income Limit for full deduction Income range for partial deduction Income limit for no deduction
Married Active Participant filing a joint return $98,000 or less $98,000 to $118,000 over $118,000
Single Active participant $61,000 or less $61,000 to $71,000 over $71,000
Non active participant married to active participant, filing a joint return $183,000 or less $183,000 to $193,000 over $193,000