IRAs (Individual Retirement Accounts)

The Traditional IRA

You can establish a traditional IRA whether or not you are covered by any other retirement plan. Wages or net earnings from self-employment can serve as the basis for a traditional IRA contribution. You and your spouse can make regular IRA contributions of up to $5,500 in 2015 (same in 2014), provided your combined compensation (earnings) are at least equal to the contributed amount. As a result, a couple can make regular contributions of up to $11,000 in 2015 (same in 2014).

 

You can wait as long as April 15 of the following year (the due date of your individual income tax return) to contribute to a traditional or Roth IRA account.

 

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