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2013 IRA Contribution Cost-of-Living Adjustments
Individual Retirement Accounts (IRAs)
· The maximum 2013 annual contribution for Traditional or Roth IRAs increased to $5,500. The maximum annual contribution for Traditional or Roth IRAs is $6,500 for individuals over age 50.
Contribution Limits for Traditional IRA and Roth IRA
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Year
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Contribution Limit
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Catch-up Contribution
|
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2013
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$5,500
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$1,000
|
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2012
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$5,000
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$1,000
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Phase Out for Roth IRA
|
Filing Status
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Phase out begins if MAGI exceeds
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Ineligible if MAGI exceeds
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single, head of household, or married filing separately and you did not live with your spouse at any time during the year
|
$112,000 (2013)
$110,000 (2012)
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$127,000 (2013)
$125,000 (2012)
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married filing jointly or qualifying widow(er)
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$178,000 (2013)
$173,000 (2012)
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$188,000 (2011)
$183,000 (2012)
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married filing separately and you lived with your spouse at any time during the year
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$0
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$10,000
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Phase out for Traditional IRA
If you participate in a retirement plan at work
|
Filing Status
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Phase out begins if MAGI exceeds
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Nondeductible if MAGI exceeds
|
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single or head of household
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$59,000 (2013)
$58,000 (2012)
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$69,000 (2013)
$68,000 (2012)
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married filing jointly or qualifying widow(er)
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$95,000 (2013)
$92,000 (2012)
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$115,000 (2013)
$112,000 (2012)
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married filing separately
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$0
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$10,000
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If you are NOT covered by a retirement plan
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Filing Status
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Phase out begins if MAGI exceeds
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Nondeductible if MAGI exceeds
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single, head of household, or qualifying widow(er)
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No phase out
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N / A
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married filing jointly or separately with a spouse who is not covered by a plan at work
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No phase out
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N / A
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married filing jointly with a spouse who is covered by a plan at work
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$178,000 (2013)
$173,000 (2012)
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$188,000 (2013)
$183,000 (2012)
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married filing separately with a spouse who is covered by a plan at work
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$0
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$10,000
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