| IRS Announces Higher Income Limits for Roth IRA Contributions for 2015.
For 2015, IRS announces that "the income limits for contributing to a Roth IRA will increase by $2,000 in 2015. The new limits are $116,000 or more but less than $131,000 for individuals, and $183,000 or more but less than $193,000 for married couples.
Per IRS rules, Taxpayers can have both a traditional and Roth IRA, but can only contribute a maximum of $5,500 (or $6,500 if taxpayers are 50 or older) across both accounts each year.
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