Atlanta, GA (PRWEB) November 29, 2014 -- American IRA announces that the Internal Revenue Service announced new, higher allowable contribution limits for most tax-advantaged retirement accounts, including self-directed IRAs, for 2015.
Limits for employees in 401(k), 403(b), most 457 plans and the federal government’s Thrift Savings Plan will increase from $17,500 to $18,000 next year, the IRS announced. Additionally, allowable ‘catch-up’ contribution limits for those ages 50 and older are also increased from $5,500 to $6,000.
Total contributions to a defined contribution plan, including the employer’s match, are increasing to $53,000 in 2015, up from $52,000 this year.
IRAs
The total dollar amount that can be considered when calculating allowable employer-sponsored defined contribution retirement plans is also increasing next year, from $260,000 to $265,000.
Contribution limits for IRAs, however, remain unchanged. But the IRS isn’t totally ignoring IRA owners, either. Instead, the IRS is modestly raising the thresholds beyond which IRA contributions become non-deductible:
For those who participate in an employer’s plan
Deductions for IRA contributions for individuals and couples will be phased out after adjusted gross income falls between $61,000 and $71,000. That is a $1,000 increase from last year. For couples filing a joint return, the threshold increases by $2,000, from $98,000 to $118,000.
For those not covered by a workplace plan – But who have a spouse who is
Deductions are phased out when the couple’s AGI reaches $183,000 to $193,000, also an increase of $2,000 over 2014.
Roth IRA Income Limits Increasing
Income limits on Roth IRA contributions will increase in 2015, to the $116,000 to $131,000 range for singles and heads of households, and to the $183,000-193,000 range for married couples. Both are increases of $2,000 over the previous year.
The changes come about as a result of the annual cost of living review that affects a wide variety of federal benefits, such as military base pay and Social Security benefits.
About American IRA, LLC:
American IRA is committed to providing every client with gold-level service, regardless of account size. Experience their expertise through their certified IRA services professionals. Enjoy the value with one low annual fee of $285 with unlimited assets and unlimited account values. American IRA clients love the benefit of no charge for "All Cash" accounts. The performance of the American IRA staff is unmatched, with quick and efficient processing within 48 hours.
American IRA services thousands of clients and has over $300 million in assets under administration.
American IRA was built by investors for investors, and brings their successful investment experience to the table, providing excellent educational material showing the public that their Self-Directed IRA account can invest in a variety of assets such as real estate, private lending, limited liability companies, precious metals and much more.
American IRA is conveniently located in Asheville, NC and Charlotte, NC, and serves clients nationwide.
Sean McKay, American IRA, LLC, http://www.americanira.com, +1 (828) 257-4949, [email protected]
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