The maximum allowable contribution to Traditional and Roth IRAs will remain the same in 2014 at $5,500.
$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.
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The articles presented on this blog are general in nature and should not be assumed to be applicable to your situation. In addition, tax law changes daily and the articles on this blog are not updated to reflect these changes. Anyone receiving any part of the information on this blog should not rely on or act or refrain from acting on the basis of any matter or information contained in this blog without seeking appropriate tax, legal or other professional advice. The transmission and receipt of information contained on this blog does not form or constitute a client relationship. Nothing in this blog constitutes legal advice. Opinions rendered by tax professionals are not authority. You agree to hold Brendan Willmann, EA, forever harmless from any liability for your use or failure to use the information, advice, referrals, or suggestions provided by this blog at any time.
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