IRA limits and eligibility

Traditional and Roth IRA contribution limits for individuals

Contribution limits are subject to annual cost of living adjustments as set forth in the Pension Protection Act of 2006. If you're over age 50, you may qualify for an additional catch-up contribution.

Year Individual contribution limit Catch-up for those 50 or older
2013 The lesser of earned income or $5,500 $1,000
2014 The lesser of earned income or $5,500 $1,000
Contribution limits for married couples

The contribution limits apply to each individual, so married couples may be able to contribute the contribution limit for both spouses. For example, in 2014, a married couple, both of whom are over age 50, may contribute a total of $13,000 ($6,500 each, if there is enough earned income to support this level of contribution).

Note: You may continue to fund your IRA for 2013 through April 15, 2014.

Eligibility to contribute
2013

Traditional IRA

  • You (and/or your spouse, if applicable) have earned income of at least the amount of total contributions
  • You (or your spouse, if owner of the IRA) are under age 70½ at the end of 2013

Roth IRA

  • You (and/or your spouse, if applicable) have earned income of at least the amount of total contributions
  • No age limit

Whether or not you can make a full contribution depends on your tax filing status and modified adjusted gross income (MAGI):

  • Single: MAGI less than $112,000 for a full contribution or $112,000 - $127,000 for a partial contribution
  • Married filing jointly: MAGI less than $178,000 for a full contribution or $178,000 - $188,000 for a partial contribution
  • Married filing separately: MAGI $0 - $10,000 for a partial contribution; MAGI $10,000 or greater, a contribution is not allowed
2014

Traditional IRA

  • You (and/or your spouse, if applicable) have earned income of at least the amount of total contributions
  • You (or your spouse, if owner of the IRA) are under age 70½ at the end of 2014

Roth IRA

  • You (and/or your spouse, if applicable) have earned income of at least the amount of total contributions
  • No age limit

Whether or not you can make a full contribution depends on your tax filing status and MAGI:

  • Single: MAGI less than $114,000 for a full contribution or $114,000 - $129,000 for a partial contribution
  • Married filing jointly: MAGI less than $181,000 for a full contribution or $181,000 - $191,000 for a partial contribution
  • Married filing separately: MAGI $0 - $10,000 for a partial contribution; MAGI $10,000 or greater, a contribution is not allowed
Tax deductibility of Traditional IRA contributions

You may or may not be able to claim a deduction of your contributions to a Traditional IRA depending on whether you or your spouse are covered by an employer-sponsored retirement plan, your tax filing status and your modified adjusted gross income (MAGI).

2013 tax filing status IRA owner participates in a retirement plan at work IRA owner does not participate in a retirement plan at work
Single

Full deduction:
MAGI less than $59,000

Partial deduction:
MAGI of $59,000 - $69,000

No income limit for full deduction
Married filing jointly

Full deduction:
MAGI less than $95,000

Partial deduction:
MAGI of $95,000 - $115,000

Spouse does not participate in a retirement plan at work:
No income limit

Spouse participates in a retirement plan at work:
Full deduction:
MAGI less than $178,000

Partial deduction:
MAGI of $178,000 - $188,000

Married filing separately Partial deduction:
MAGI $0 - $10,000

Spouse does not participate in a retirement plan at work:
No income limit

Spouse participates in a plan at work:
Partial deduction:
MAGI $0 - $10,000

2014 tax filing status IRA owner participates in a retirement plan at work IRA owner does not participate in a retirement plan at work

Single

Full deduction:
MAGI less than $60,000

Partial deduction:
MAGI of $60,000 - 70,000

No income limit for full deduction

Married filing jointly

Full deduction:
MAGI less than $96,000

Partial deduction:
MAGI of $96,000 - 116,000

Spouse does not participate in a retirement plan at work:
No income limit for full deduction

Spouse participates in a retirement plan at work:
Full deduction:
MAGI less than $181,000

Partial deduction:
MAGI of $181,000 - 191,000

Married filing separately

Partial deduction:
MAGI $0 - 10,000

Spouse does not participate in a retirement plan at work:
No income limit

Spouse participates in a plan at work:
Partial deduction:
MAGI $0 - 10,000

 

Ameriprise Financial, Inc. and its affiliates do not offer tax or legal advice. Consumers should consult with their tax advisor or attorney regarding their specific situation.

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