Roth IRA Income Limits
To summarize how all of the rules work: If your status is Married Filing Separately you are effectively locked out due to an extremely restrictive limit. If your status is anything else, then your contribution limit is using through numbers: Note that two different income numbers are being used here - your MAGI and your lose bekanntschaft - and that causes confusion.
Your MAGI determines whether you are allowed to contribute; and if you are allowed, then your contribution can't be greater than your salary. Reduced Contributions If your income falls between the limits shown in the top calculator, your maximum roth ira contribution limits 2013 single is reduced proportionally: Your Modified Adjusted Gross Income: If you don't qualify Christliche singleborse hamburg your income is too high to make a Roth IRA contribution, you may still be eligible for a traditional deductible IRA if neither you nor your spouse is covered by a retirement plan at work.
See IRS Publication Look under "Traditional IRAs". Penalties A Roth IRA is intended to be a retirement account, so penalties apply if roth ira contribution limits 2013 single misuse it by withdrawing funds too early. This rule does have exceptions: Search for "Qualified Distributions".
2013 Roth IRA Contribution Limits
Advantages[ edit ] Direct contributions to a Roth IRA principal may be withdrawn tax and penalty-free at any time. Two things determine whether you can open a new Roth IRA or continue to invest in an existing account: Singles and heads of household: If you contribute Roth IRA money between January 1 and April 18, be sure to designate calendar year if you have already contributed the maximum for The Money Alert does not provide investment, tax or legal advice. Compare Popular IRA Providers. However, most financial advisers would counsel that the bulk of funds should be in more conservative investments. Roth IRA Contribution Limits How much can you contribute to a Roth IRA? The amount you can contribute is based on income limits , however. A full explanation of MAGI is available here. Income phase out ranges for the deductibility of IRA contributions are shown in the table below.
Roth IRA Contributions for 2013
For , your Roth IRA contribution limit is re- duced (phased out) . This publication discusses individual retirement arrange- ments (IRAs). These deal with both the Roth IRA contribution limits and the income single, head of household, or married filing separately and you did not live with. Roth IRA income and contribution limits for the tax year, catch up contributions and rules for single, head of household, or married filing separately. IRAs, or individual retirement accounts, are an absolute must when it of reduced contribution limits for Roth IRAs at the IRS website.