Ultimate 2014 IRA Cheat Sheet

In 2014, 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.

For complete IRA information see:

  1. Traditional IRA Rules – Covers all 2014 Traditional IRA Regulations
  2. 2014 Roth IRA Limits – Roth IRA rules have changed this year.
  3. SEP Contribution Limits – Up to date information on 2013 SEP IRA Contributions
  4. 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.

2014 IRA Contribution Cheat Sheet for Roth, SEP, Simple and Traditional Retirement Accounts

2014 IRA Contribution Cheat Sheet for Roth, SEP, Simple and Traditional Retirement Accounts

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2014 Plain Text Version

Jump to: Roth IRATraditional IRASimple IRASEP 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 2014 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 $114,000

Up to the maximum.

From $114,000 to less than $129,000

Phased-out Contributions

$129,000 or more

Ineligible

Married filing jointly

Less than $181,000

Up to the maximum.

From $181,000 to less than $191,000

Phased-out Contributions

$191,000 or more

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 2014 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
2014 Traditional IRA Limit Your Income
Modified Gross Adjusted
2014 Traditional IRA Limit

Single or head of household

 $60,000 or less

Full Deduction

Anything

Full Deduction!

More than $60,000 and less than $70,000

Phased-out deduction

$70,000 or more

Ineligible

Married filing jointly

 $96,000 or less

Full Deduction up to the maximum.

 $181,000 or less

Full Deduction up to the maximum.

More than $96,000 to less than $116,000

Phased-out Deduction

More  than $181,000 to less than $191,000

Phased-out Deduction

 $116,000 or more

Ineligible

$191,000 or more

Ineligible

Married filing separately

Less than $10,000

Phased-out Deduction

Between $0 and $10,000

Phased-out Deduction

 $10,000 or more

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
  • $52,000
    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-deductible contributions up to your maximum IRA limit generally $5000-6000.

For more information visit SEP IRA Rules.

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