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IRA CONTRIBUTION LIMITS

2013/2014 CONTRIBUTION LIMITS & CATCH UP PROVISIONS

Traditional IRA Contribution &
Roth IRA Contribution Limits

2013

2014
Up to age 50
$5,500
$5,500
Catch Up Contributions Provision Age 50+
$1,000
$1,000
Traditional IRA Deductibility
Modified Adjusted Gross Income Limit Phase-Out Ranges^

2013

2014
Single or Head of Household - Active Participant
$59,000 - $69,000
$60,000 - $70,000
Married Active Participant Filing Joint
$95,000 - $115,000
$96,000 - $116,000
Married Active Participant Filing Separate
Less than $10,000
Less than $10,000
Roth IRA Contribution Limits
Modified Adjusted Gross Income Phase-Out Ranges

2013

2014
Single or Head of Household
$112,000 - $127,000
$114,000 - $129,000
Married Filing Joint Tax Return
$178,000 - $188,000
$181,000 - $191,000
Married Filing Separate Tax Return
Less than $10,000
Less than $10,000
Individual Elective Deferral Contribution Limits
401 (k), 403 (b) & Profit-Sharing Plans

2013

2014
Up to age 50
$17,500
$17,500
Catch Up Contributions Provision Age 50+
$5,500
$5,500
Defined Contribution Limits
$51,000*
$52,000*
SEP IRA Contribution Limits
2013
2014
SEP IRA Contribution Limits
$51,000*
$52,000*

^If you are covered by a retirement plan at work. 

*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. NASA Federal Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.

Source: http://www.irs.gov/Retirement-Plans/COLA-Increases-for-Dollar-Limitations-on-Benefits-and-Contributions

For specific tax advice please consult a qualified tax professional.