2013 Roth IRA Contribution
Its no secret your’re here to find out all about 2013 Roth IRA Contribution income limits, maximum contributions, and MAGI. Lets cut right to the chase.
Calculate Your MAGI First
MAGI stands for modified adjusted gross income. Here is a nice tool offered by CNN to calculate your MAGI. If you already know you’re MAGI or just calculated it, here are the 2013 roth IRA contribution details you need. [Bear in mind that your modified adjusted gross income | adjusted gross income | and gross income are different things]
2013 Roth IRA Contribution Table
| If your filing status is | And your modified AGI is | Then This Is What You Can Contribute |
| married filing jointly orqualifying widow |
less than $178,000 |
up to $5,500 |
|
greater than $178,000 but less than $188,000 |
reduced amount | |
|
greater than $188,000 |
zero | |
| married filing separately and you have lived with your spouse at any time during this year |
less than $10,000 |
reduced amount |
|
greater than $10,000 |
zero | |
| single, head of household, or married filing separately and you did not live with your spouse at any time during this |
less than $112,000 |
up to $5,500 |
|
greater than $112,000 but less than $127,000 |
a reduced amount | |
|
greater than or equal to $127,000 |
zero |
To simplify the table, unless you earn to much to qualify, the 2013 Roth IRA Contribution limits are;
- $,5,500 if you are under the age of 50
- $6,500 if you’re over the age of 50
Figuring out your contribution limits, maximums, and adjusted growth income rate can be an intimidating task. Use the link we provided above to calculate your MAGI, and than refer to the chart.
This is good resource if you want to figure out exactly what you’re“reduced amount” is. It is a bit exhaustive but it still helps.
Well hopefully that cleared up all your questions. If you have any questions feel free to comment or email us directly.