First Republic Private Wealth Management includes First Republic Trust Company; First Republic Trust Company of Delaware LLC; First Republic Investment Management, Inc., an SEC-Registered Investment Advisor; and First Republic Securities Company, LLC, Member FINRA/ SIPC.
Contributions to a traditional IRA reduce your AGI (Adjusted Gross Income) and lower your taxes. Your contribution must be made by April 15 following the tax year to be deductable. Contributions to a Roth IRA do NOT reduce AGI and do not lower your current taxes.
1 If you are contributing to a SEP-IRA set up by your employer, you are allowed to contribute a maximum of $53,000 or 25% of compensation, whichever is lower. 2  For the 2015 tax year, the maximum amount of compensation used in determining your contribution is $265,000.Be aware that your eligibility to contribute to a traditional IRA is not affected by your participation in a SEP-IRA; however, your ability to deduct contributions to a traditional IRA may be.lso, the spousal Roth IRA must be held in his or her name and tax identification number. In order to be eligible to contribute fully to a Roth IRA, your MAGI (again, that stands for modified adjusted gross income) must be less than $116,000 for a single filer in 2015, and $183,000 or less for married filing jointly.