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For 2013, the maximum you can contribute to all of your traditional and Roth IRAs is the smaller of: $5,500 ($6,500 if you’re age 50 or older), or your taxable compensation for the year. The IRA contribution limit does not apply to: Rollover contributions Qualified reservist repayments COLA Increases for Dollar Limits

What Are the Income Limits on a Roth IRA?



For 2013 You can contribute to a Roth IRA if your adjusted gross income is below these limits:

 

Full $5,500 contribution

IRA Catch-Up Contributions

Single/Head of household

Up to $59,000

$1,000

Married filing jointly

Up to $95,000

$1,000


Limits in Future Years

The new tax law makes IRAs even more attractive. The maximum annual contribution limits for traditional and Roth IRAs increase according to the following schedule:

Year

Annual Contribution Limit

2002 through 2004

$3,000

2005 through 2007

$4,000

2008 onward*

$5,000

*Beginning in 2009, the contribution limit will adjust annually for inflation in $500 increments.

Effective in 2002, for persons age 50 and over, the law provides an increase in the contribution limits applicable to IRAs as follows:

  • From 2002 through 2005: Additional catch-up contribution amount is $500
  • From 2006 and forward: Additional catch-up contribution amount is $1,000

Note: in order to be eligible for the catch-up contribution limit increase, an individual must turn age 50 before the end of the tax year for which the contribution relates.

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Useful info on IRA limits and finacial terms.