New 2016 Contribution Limits for Traditional & Roth IRAs
Limit (Over 50 years old)
If you are covered by an employer-sponsored plan but your spouse is not - your spouse may contribute to an IRA if your joint income is less than $194,000.
If both of you are in employer-sponsored plans then you can only contribute to IRA if your joint income is less than $118,000.
To contribute to a Roth IRA, your joint income must be less than $194,000.
For further analysis of the benefits and tax impact of IRAs on your unique situation email firstname.lastname@example.org.