Ultimate 2013 IRA Cheat Sheet

In 2013, the IRS changed many of the IRA limits allowed for every type of account. Keep track of all the tax, income and contribution limits with this handy chart below. Most deadlines fall on tax day, or April 15, 2013. For complete IRA information see:

Traditional IRA Rules – Covers all 2013 Traditional IRA Regulations

2013 Roth IRA Limits – Roth IRA rules have changed this year.

SEP Contribution Limits – Up to date information on 2013 SEP IRA Contributions

Simple IRA Rules – Complete Guide to Simple IRAs

The good news is that limits are rising across the board for all types of individual retirement accounts. This includes both Roth and Traditional IRAs, as well as Simple and SEP plans. Don’t forget your contribution deadlines.

2013 IRA Contribution Cheat Sheet for Roth, SEP, Simple and Traditional Retirement Accounts

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2013 Plain Text Version

Jump to: Roth IRA – Traditional IRA – Simple IRA – SEP IRA

I. Roth IRAs

1. No Taxes on Capital gains or dividends
2. Tax-free growth – No tax on retirement withdrawals
3. Contributions are not tax deductable

Max Contribution Limits: $5500 Catch-Up Contributions Age 50+: $1000 Additional Total combined contributions to Roth and/or traditional IRAs may not exceed these amounts.

Roth IRA Income Limits

Use this 2013 IRA contribution limits chart to find your maximum contribution based on income (AGI).

Your Tax Filing Status	Income (Modified AGI)	Contribution Limit
Single, head of household, or married filing separately and you and your partner did not live together.	Up to $112,000	Up to the maximum.
	Between $112,000 and $127,000	Phased-out Contributions
	Above $127,000	Ineligible
Married filing jointly	Less than $178,000	Up to the maximum.
	Between $178,000 and $188,000	Phased-out Contributions
	More than $188,000	Ineligible
Married filing separately and you lived with your partner at least some of the year	$0	Up to the maximum.
	Between $0 and $10,000	Phased-out Contributions
	Above $10,000	Ineligible

For more information see Roth IRA Limits.

II. Traditional IRAs

1. No Taxes on Capital gains or dividends
2. Tax-deferred growth – Gains taxable upon withdrawal
3. Contributions are tax deductible

Max Contribution Limits: $5500 Catch-Up Contributions Age 50+: $1000 Additional Total combined contributions to Roth and/or traditional IRAs may not exceed these amounts.

Traditional IRA Deduction Limits

Use the following 2012 IRA deduction chart to determine your maximum deduction based on income.

	You are Covered by Another Plan at Work		You Are Not Covered by Another Plan at Work
Tax Filing Status	Your Income Modified Gross Adjusted	2012 Traditional IRA Limit	Your Income Modified Gross Adjusted	2012 Traditional IRA Limit
Single or head of household	Beneath $59,000	Full Deduction	Anything	Full Deduction!
	Between $59,000 and $69,000	Phased-out deduction
	Above $69,000	Ineligible
Married filing jointly	Less than $95,000	Full Deduction up to the maximum.	Less than $178,000	Full Deduction up to the maximum.
	Between $95,000 and $115,000	Phased-out Deduction	Between $178,000 and $188,000	Phased-out Deduction
	More than $115,000	Ineligible	More than $188,000	Ineligible
Married filing separately	Between $0 and $10,000	Phased-out Deduction	Between $0 and $10,000	Phased-out Deduction
Married filing separately	Above $10,000	Ineligible	Above $10,000	Ineligible

For more information visit Traditional IRA Regulations.

III. Simple IRAs

1. Employers required to contribute
2. Similar to 401k
3. Easy Setup

Max Contribution Limits: $12,000 Catch-Up Contributions Age 50+: $2500 Additional If you participate in additional salary reduction plans offered by your employer, total contributions may not exceed $17,000 not including catch-up contributions.

For Employers

Matching Conributions – Up to 3% Non-elective Contributions – 2% of employee’s salary For more information visit the Simple IRA Rules.

IV. SEP IRAs

1. Contributions are Deductible
2. Highest Contribution Limits
3. Low Administrative Costs

For Self-Employed and Small Business Owners Max Contribution Limits

25% of an Employee’s Salary or
$51,000 Whichever is smaller

Catch-Up Contributions: None Allowed If you participate in additional salary reduction plans offered by your employer, total contributions may not exceed $17,000 not including catch-up contributions.

For Employees

If your SEP IRA allows for non-SEP contributions, then you can make tax-deductable contributions up to your maximum IRA limit – generally $5000-6000. For more information visit SEP IRA Rules.