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With just a week to go before the New Year, I thought I’d put together a quick post on IRA contribution limits for 2013. As a reminder, contribution limits have been indexed to inflation since 2008, and can increase in $500 increments (as necessary).
As you can see from the table below, nothing had changed in the past few years, but… Limits are increasing by $500 in 2013.
|Year||Under Age 50||Age 50+|
A few notes…
First, note that this limit is a combined limit for traditional and Roth contributions. Thus, while you can contribute to both in the same year, the total contribution cannot exceed the $5,500 (or $6,500) limit.
Finally, remember that you can make contributions for 2012 all the way up to April 15th, 2013 (the due date for filing your 2012 tax return). Thus, if you still haven’t gotten around to it making your 2012 contributions, you still have time.
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