Brendan Willmann, CPA, EA, CFP®
Asheville: 828-348-8698
Cincinnati: 513-549-2736

2013 IRA Contribution Limits

The maximum allowable contribution to Traditional and Roth IRAs will increase to $5,500 in 2013.

$5,500 is the aggregate contribution limit meaning that an individual can contribute to both a Traditional and Roth IRA but the total contribution cannot exceed $5,500.

A “catch-up provision” is available to those age 50 or older allowing for an additional $1,000 contribution for a total of $6,500.

Of course, one must be eligible for the Traditional or Roth IRA in order to make a contribution.  Please consult a qualified tax advisor to determine eligibility.

http://www.irs.gov/Retirement-Plans/Plan-Participant,-Employee/Retirement-Topics-IRA-Contribution-Limits

Discussion

Comments are disallowed for this post.

Comments are closed.