Q:

What are the Roth IRA contribution limits?

A:

Quick Answer

For qualifying individuals, the Roth IRA contribution limit for 2015 is $5,500, or $6,500 for individuals aged 50 or over, according to the Internal Revenue Service. The contribution limit does not apply to rollover contributions or qualified reservist repayments.

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Full Answer

Individuals whose filing status is married filing jointly or qualified widower and whose modified adjusted gross income, or AGI, is less than $183,000 qualify to contribute the maximum amount to their Roth IRA, explains the IRS. Individuals whose filing status is single, head of household or married filing separately and whose modified AGI is less than $116,000 also qualify to contribute the maximum amount to their Roth IRA.

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