IRA Contribution Limits 2013

For 2013, the maximum you can contribute to all of your traditional and Roth IRAs is the smaller of:
$5,500 ($6,500 if you’re age 50 or older), or
your taxable compensation for the year.
The IRA contribution limit does not apply to:
Rollover contributions
Qualified reservist repayments
Claiming a tax deduction for your IRA contribution
Your traditional IRA contributions may be tax-deductible. The deduction may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels.
IRA deduction limits
Roth IRA contribution limit
The same general contribution limit applies to both Roth and traditional IRAs. However, your Roth IRA contribution might be limited based on your filing status and income.
2012 – Amount of Roth IRA Contributions You Can Make for 2012
2013 – Amount of Roth IRA Contributions You Can Make for 2013
IRA contributions after age 70½
You can’t make regular contributions to a traditional IRA if you’re age 70½ or older. However, you can still contribute to a Roth IRA and make rollover contributions to a Roth or traditional IRA regardless of your age….(read more)

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REVEALED: Best Gold Backed IRA

When it comes to saving for retirement, individuals have a variety of options available to them, one of which is an Individual retirement account (IRA). An IRA is a type of investment account that provides individuals with a way to save for retirement while also offering certain tax benefits.

One key consideration for individuals looking to contribute to an IRA is the annual contribution limit set by the IRS. For the year 2013, the IRS set the contribution limits for IRAs at $5,500 for individuals under the age of 50, and $6,500 for individuals aged 50 and older. These limits represent the maximum amount that an individual can contribute to their IRA account for the year, and any contributions exceeding these limits may be subject to penalties.

It is important for individuals to be aware of these limits when making contributions to their IRA, as exceeding the limits can result in additional taxes and penalties. Additionally, individuals should also consider their overall retirement savings strategy and consult with a financial advisor to ensure they are making the most of their retirement savings opportunities.

In addition to the contribution limits, individuals should also be aware of the income limits that may affect their ability to contribute to a traditional IRA. For individuals who are covered by a retirement plan at work, there are income limits that may impact their ability to deduct their contributions to a traditional IRA. It is important for individuals to understand these limits and consult with a tax professional to determine the best retirement savings strategy for their individual circumstances.

Overall, IRA contribution limits for 2013 are an important factor for individuals to consider when saving for retirement. By understanding these limits and planning accordingly, individuals can maximize their retirement savings and work towards a secure financial future.