Maximum 2015 IRA Contributions

[rcherpak]

Is the maximum combined traditional and Roth IRA contribution for a married couple filing jointly (both over age 50) for 2015 $13,000? This is assuming that both had the requisite $6,500 in earned income. Both spouses are having money going to a traditional IRS through payroll deduction, and want to also contribute to a Roth IRA. They got conflicting information from a brokerage firm. Thank you.

[RitaB]

Correct, sort of

Is the maximum combined traditional and Roth IRA contribution for a married couple filing jointly (both over age 50) for 2015 $13,000? This is assuming that both had the requisite $6,500 in earned income. Both spouses are having money going to a traditional IRS through payroll deduction, and want to also contribute to a Roth IRA. They got conflicting information from a brokerage firm. Thank you.

Yes, 6,500 each is the maximum for combined traditional + ROTH contributions. I would just add that they don't each have to earn $6,500. Just so one or the other or both combined earn $13,000. You're kidding about conflicting info from the brokerage firm. Hard to believe. (Haha)