Current Contribution Limits
|Traditional IRA||$5,500 / $1,000 catch-up contribution|
|Roth IRA||$5,500 / $1,000 catch-up contribution|
|SEP IRA||Lesser of $51,000 or 25% of your compensation|
|SIMPLE IRA||$12,000 / $2,500 catch-up contribution|
|Coverdell Education Savings Account||$2,000*|
Traditional and Roth IRA Contribution Limits for 2013
The maximum allowable contribution to your IRAs (deductible, non-deductible, and Roth) for the tax year is the lesser of (a) $5,500 or (b) 100% of your compensation or earnings from self-employment. For those who have attained or will attain the age of 50 before the close of the taxable year, the annual IRA contribution limit is increased by $1,000 (total of $6,500 for 2013).
Any contribution made to your IRA will be treated as a current year contribution recorded in the year it is received, unless the contribution is made between January 1 and April 15, 2013, and you have identified the contribution as a prior year contribution. Please read the Traditional or Roth IRA Disclosure Statement carefully or consult IRS Publication 590 for IRA eligibility requirements and contribution restrictions.
You can contribute to both a Traditional IRA and a Roth IRA; however, the total contributions between the two accounts cannot exceed $5,500 in 2013. Minors who have earned income can contribute to an account, as long as there is an adult named as a responsible individual on the account.
The information provided herein is for reference only and does not purport to give tax or legal advice. Please consult your tax or legal adviser for more information regarding this material.