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2013 IRA Contribution Limits:
You may contribute the smaller of this amount or your taxable compensation for 2013, subject to the limitations below based on income or tax filing status.
|Full 2013 Contribution Limit|
Roth (post-tax) contributions are limited for those with higher incomes. The following table shows which categories are eligible for the full contribution. For more details on calculating reduced contribution amounts, please see the IRS website.
Roth Contribution Limits by Income and Tax Filing Status
|Income||Single or Head of Household||Qualified Widow(er)||Married (filing jointly)||Married (filing separately)*|
|$0 to $10k||Full Amount||Full Amount||Full Amount||Zero|
|$10 to $112k||Full Amount||Full Amount||Full Amount||Zero|
|$112k to $127k||Reduced Amount||Full Amount||Full Amount||Zero|
|$127k to $178k||Zero||Full Amount||Full Amount||Zero|
|$178k to $188k||Zero||Reduced Amount||Reduced Amount||Zero|
|*Married (filing separately) can use the limits for single people if they have not lived with their spouse in the past year.|
Anyone can contribute to a Traditional IRAs, but to deduct your contributions from your taxable income you must meet the income requirements below. For more information on calculating partial deductions, please see the IRS website.
If you DO have a retirement plan offered at work:
|Income||Single or Head of Household||Qualified Widow(er)||Married (filing jointly)||Married (filing separately)|
|$0 to $10k||Full Deduction||Full Deduction||Full Deduction||Partial Deduction|
|$10k to $59k||Full Deduction||Full Deduction||Full Deduction||No Deduction|
|$59k to $69k||Partial Deduction||Full Deduction||Full Deduction||No Deduction|
|$69k to $95k||No Deduction||Full Deduction||Full Deduction||No Deduction|
|$95k to $115k||No Deduction||Partial Deduction||Partial Deduction||No Deduction|
|Above $115k||No Deduction||No Deduction||No Deduction||No Deduction|
If you do NOT have a retirement plan offered at work:
|Spouse’s Plan Status||Single||Married (filing jointly)||Married (filing separately)|
|Spouse DOES have plan offered at work||Full Deduction||Full Deduction up to income of $178k, Partial deduction from $178k to $188k; No deduction above $188k||No deduction if income above $10k; Partial deduction below|
|Spouse does NOT have plan offered at work||Full Deduction||Full Deduction||Full Deduction|
How Do I Get Started?
You can open an IRA online in just a few minutes at almost any brokerage. Here are a few popular no fee choices that offer no-load, no transaction fee mutual funds, an ideal choice for long-term IRA investors:
TD Ameritrade – One of America’s most popular brokerage offers the newest technology and research while maintaining an old-school commitment to service with physical locations almost anywhere you live in the U.S. Plus, they’ll let you trade free for the first 60 days.
E*TRADE – Offers a great selection of asset classes (stocks, bonds, 8,000+ mutual funds, options, ETFs, and IPOs) and includes cutting edge analytical software and research. Over 1,300 of the funds offered have no-load and no-transaction fees.
Other common retirement savings questions
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