Answer a few easy questions and we'll tell you if you qualify for a Roth IRA or a Traditional IRA.
Question 1: How much is your combined gross income?
You may not contribute to a Roth IRA if you make more than a certain amount of money.
Question 2: What is your tax filing status?
There are different income limits based on if you are single or married.
Question 3: How old are you going to be at the end of 2015?
The amount you can contribute varies based on your age. Over 50, you can contribute more.
Question 4: Will you participate in an employer-sponsored retirement plan in 2015?
For Traditional IRAs, your IRA contributions may not be tax deductible if you are covered at work.
Question 5: Will your spouse participate in an employer sponsored retirement plan in 2015?
For Traditional IRAs, your IRA contributions may not be tax deductible if your spouse is covered at work.
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Each year, the IRS updates the rules for Roth IRA. Here are all the details for 2015 along with updates for 2016: