Issue link: http://read.dmtmag.com/i/620610
National Catholic Forester 22 ANNUITIES Have you contributed to your NCSF Annuity? IRA Contribution Limits If you are looking to add money to your Traditional IRA or Roth IRA in the 2015 tax year, do it before April 15, 2016. IRA contribution limits for 2015 and 2016 are the same. The maximum amount you can contribute to a Traditional IRA or Roth IRA in 2016 is $5,500 (or 100% of your earned income, if less), unchanged from 2015. Catch-up contributions. What are catch-up contributions? Catch-up contributions are designed to help you make up any retirement savings shortfall by bumping up the amount you can save in the years leading up to retirement. If you are 50 or older, or you will reach age 50 by the end of the year, you may be able to make contributions to your IRA above the normal contribution limit. Catch-up contributions can be made to traditional and Roth IRAs, review your options with your tax advisor. How much can you contribute as a catch-up contribution? It depends on the type of retirement plan you have and the tax year for which you are making the contribution. The maximum catch-up contribution for those age 50 or older remains at $1,000. You can contribute to both a traditional and Roth IRA in 2016, but your total contributions can't exceed these annual limits. 2016 DEDUCTION LIMITS – TRADITIONAL IRA IF YOUR FILING STATUS IS... And Your MAGI 2 Is... Then You Can Take... Single or head of household $61,000 or less a full deduction up to the amount of your contribution limit. more than $61,000 but less than $71,000 a partial deduction. $71,000 or more no deduction. Married filing jointly or qualifying widow(er) $98,000 or less a full deduction up to the amount of your contribution limit more than $98,000 but less than $118,000 a partial deduction $118,000 or more no deduction Married filing separately less than $10,000 a partial deduction $10,000 or more no deduction If you file separately and did not live with your spouse at any time during the year, your IRA deduction is determined under the "single" filing status. Information taken from www.irs.gov/Retirement-Plans 2- Modified Adjusted Growth Income (MAGI). Traditional IRA Deduction Limits for 2016 If you are covered by a retirement plan at work, use this table to determine if your MAGI 2 affects the amount of your deduction. If you're not covered by a retirement plan at work, go to the IRS website, www.irs.gov, to see the more generous deduction limit table. 1- Includes $1,000 catch-up limit for age 50 and older. CONTRIBUTIONS 2015 2016 Roth IRA Contribution Limit $5,500 $5,500 Roth IRA Contribution Limit if Age 50+ $6,500 1 $6,500 1 CONTRIBUTIONS 2015 2016 Traditional IRA Contribution Limit $5,500 $5,500 Traditional IRA Contribution Limit if Age 50+ $6,500 1 $6,500 1