Even if you’re covered under a retirement plan at work, you and your spouse can each contribute up to $5,500 into a traditional IRA or Roth IRA for 2015 and 2016, as long as your combined wages and net self-employment income exceeds the total amount contributed. Anyone 50 or older can contribute an extra $1,000, increasing the max contribution to $6,500.
Here is some good news for people looking to contribute to a Roth IRA. The amount you can earn and still contribute to a Roth has increased from 2014 by $2,000 for married couples and for single individuals, as follows:
| Single Individuals | Married Couples | |
| Phase-out begins | $116,000 | $183,000 |
| Phase-out ends | $131,000 | $193,000 |
If your income is too high for a Roth, don’t forget that the rules changed a few years back, eliminating the income limitation as of 2010 for people looking to convert their IRAs to a Roth IRA. This tax law change provides high-income taxpayers with a great opportunity to get money into these tax-free investment accounts.
And if you’re married and your spouse isn’t covered under either an employer sponsored or self-employed retirement plan during the year, the 2015 phase-out range for your spouse making a deductible IRA contribution has increased to $183,000 – $193,000, which is identical to the Roth IRA phase-out limits.