by Scott Smith | C&J Wealth Advisors
I hope everyone enjoyed the holidays and spending time with family and friends. Given the busy routine of life, I am glad the holiday season provides me with some down-time to re-focus on what is really important as we turn another page into a new year. This entry will cover contribution limits for 2015 and a 2014 performance summary.
For 2015, your total contributions to all your traditional & Roth IRA’s cannot exceed $5,500 or $6,500 if you are age 50 or older. For Traditional IRA’s, the deductibility of contributions depends upon levels of modified adjusted gross income (MAGI). For 2015, the MAGI deductibility phase out range for single filers is $61,000-$71,000 and $98,000-$118,000 for married couples filing jointly who have retirement plans at work. If you don’t have a retirement plan at work, then the deductibility phase out range for joint filers increases to $183,000-$193,000.