Save More For Your Retirement
2014 and 2015 IRA and SEP Contribution Limits
For the tax year 2014 the limits for contributing to all of your
Traditional or Roth IRAs is $5,500. If you are age 50+ in 2014, you can put in an
additional $1,000, making that $6,500 for 2014. For 2015, the limit for
contributing to all of your Traditional or Roth IRAs is also
$5,500 and if you are age 50+ in 2015, you can still put in an
additional $1,000 making that $6,500 for 2015!
SEP contribution limits for 2014 are the lesser of 25% of the
first $260,000 of each eligible employee's compensation or $52,000 .
For 2015, SEP contribution limits are the lesser of 25% of the
first $265,000 of each eligible employee's compensation or $53,000.
The limit for Education (Coverdell Education Savings Account - CESA) IRAs is $2,000 per child.
The Roth phase-out for contributions for 2014 is if you are single
$114,000 - $129,000 or
if you are married filing jointly it is $181,000 - $191,000. For 2015 is if you are single
$116,000 - $131,000 or
if you are married filing jointly it is $183,000 - $193,000.
Don't wait! Take advantage of compounding your money faster by
contributing to your 2014 and 2015 IRAs today!
At First Community Bank, we make it easy to keep track of your
IRAs. We allow you to add to your IRA CDs mid-term! Call us for details at
These are just general guidelines and there are many variables
within each retirement vehicle. We recommend you talk to your tax and legal advisors for accuracy
and before making
any decisions. This is general information only and is not to be taken
as advice. We do not open IRAs for non-Central Ohio residents.