Your Roth IRA Contribution Limits 2013 will determine exactly how much your maximum contribution for the year is. Once you have your maximum contribution you can then look into your Roth IRA Income Limits 2013 in order to find out how much of that you are allowed to contribute. Unlike other factors, the contribution limits historically are adjusted every once in a while to keep up with inflation.
The IRS has now released the official 2013 Roth IRA contribution limits. All the information on this page is up to date and accurate as of now. If you are looking for your contribution limits for the tax year of 2012, please visit our page on the Roth IRA contributions limits of 2012.
Roth IRA Contribution Limits 2013
I always advice everyone to read up on Publication 590 that the IRS updates every year, as this is where they will officially publish the updates in the new year for everything regarding your Roth IRA (Not updated until 2013). However, it isn’t really well organized or explained in certain areas, which is why I update these posts so you can get the information you want without all the bureaucratic jargon.
If you are over 50 years old you can contribute at the maximum of $6,500 in 2013, and up to $5,500 if you are under 50; see below to find out if you can contribute the maximum or not.
Show Me the Numbers!
Below is the summary of the 2013 Roth IRA Contribution limits, there is one bullet point attributed to each tax filing status: married and filing jointly, single/head of household, and married but separated.
- If you are married and filing jointly, the limits have gone up once again in 2013. The lower limit is now $178,000, and the upper limit is now $188,000. If your Joint MAGI is under the lower limit you can contribute the maximum, but if you are over the upper limit you can’t contribute at all.
- For anyone filing single, your income limits have also risen. The lower limit is now $112,000, so if your MAGI is less than that you can contribute the maximum. If you are over the maximum limit of $127,000 you cannot contribute, but if you are between these numbers you can still contribute, but a reduced amount.
- Finally, if you are married but separated the limits have stayed the same. If your MAGI is over $10,000 you are prohibited from depositing any money, and if you make less than this you can only contribute a reduced amount.
This post will be updated immediately after any updates from the IRS are released, so make sure to bookmark it and check back near the end of the year to get the latest information on your Roth IRA contribution limits 2013.