2013 IRA & 401(k) Contribution Limits

2013 IRA & 401(k) Contribution Limits

Thanks to inflation and the need for retirees to get more out of their depleted retirement funds, the Feds increase the limitations which can be placed in retirement accounts each year. 2013 is no exception. Below are the Contribution Limits for 2013 for both IRA and 401(k)s.

  • For the IRA, the contribution limit is now up $500 from last year to $5.5K if <50 years old in 2013. If you’re >50, you’re also up $500 to $6.5K.
  • SEP contributions are up $1,000 to $51K from the 2012 $50K level.
  • SIMPLE IRA contribution limits have also increased by $500 to $12K (from $11.5K in 2012) for <50 years old.  The max is $14.5K if you’re 50+.
  • 2013 deferral contribution limits for 401(k)s is up $500 to $17.5K from $17K in 2012 if <50. For >50, your deferral contribution limit for 2013 is now at $23K (up from $22.5K in 2012).

Deductible IRA contribution increases for 2013: 

  • $59K – $69K (up from $58K – $68K in 2012) is the deductible compensation range for single, head of house or widow/widower.
  • $95K – $115K (up from $92K – $112K in 2012) is the deductible compensation range for married, joint returns and active participants.
  • $178K – $188K (up from $173K – $183K in 2012) is the deductible compensation range for married, joint returns and NOT active participants.
  • If married, but filing a separate return, the compensation range for deduction is unchanged at $0 – $10K.

Roth IRA contributions range increases for 2013 

  • $112K – $127K (up from $110K – $115K in 2012) is the compensation range for single, head of house or widow/widower.
  • $178K – $188K (up from $173K – $183K in 2012) is the compensation range for married, joint returns filers. 
  • The 2013 compensation range applying to a person whose filing status is married/joint return is $178,000 – $188,000 (up from $173,000 – $183,000).
  • If married, but filing a separate return, the compensation range for effective IRA contribution is unchanged at $0 – $10K.

 

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