2013 Retirement Account Contribution Limits

Retirement account contribution limits for 2013 have been increased. 

-Maximum annual IRA contribution (under age 50): $5,500
-Maximum annual IRA contribution (age 50 and over): $6,500
-401(k), 403(b), and 457 deferral limit (under age 50): $17,500
-401(k), 403(b), and 457 deferral limit (age 50 and over): $23,000
-Maximum additions to defined contribution plans (ex. SEP): $51,000
-Maximum SIMPLE salary-deferral limit (under age 50): $12,000
-Maximum SIMPLE salary-deferral limit (age 50 and over): $14,500

Additionally, the deduction for taxpayers making contributions to a traditional IRA is phased out for singles who are covered by a workplace retirement plan and have a modified adjusted gross income between $59,000 and $69,000. For married couples filing jointly in which the spouse who makes the IRA contribution is covered by a workplace retirement plan, the income phase-out range is $95,000 to $115,000. For an IRA contributor who is not covered by a workplace retirement plan and is married to someone who is covered, the deduction is phased out if the couple’s income is between $178,000 and $188,000.

Finally, the AGI phase-out range for singles making contributions to a Roth IRA is $112,000 to $127,000. For married couples filing jointly, the income phase-out range is $178,000 to $188,000.