IRS Announces 2013 Limits For IRAs and Pension Plans
Today, the IRS announced to 2013 limits applying to IRAs and pension plans by issuing IRS news release 2012-77.
The IRA contribution limits are changed - $5,500 (up from $5,000) if the individual is younger than age 50 in 2013, and $6,500 (up from $6,000) if he or she attains age 50 or older in 2013.
The maximum SEP contribution for 2013 will increase to $51,000 from $50,000.
The SIMPLE IRA contribution limits are also changed for 2013. The maximum elective deferral contribution amount is $12,000 for a person who is younger than age 50 in 2013 and $14,500 if he or she attains age 50 or older in 2013.
The 401(k) elective deferral contribution limits also changed for 2013. The maximum elective deferral contribution amount is $17,500 (up from $17,000) for a person who is younger than age 50 in 2013 and $23,000 (up from $22,500) if he or she attains age 50 or older in 2013.
The compensation ranges applying to deductible IRA contributions do increase.
- The 2013 compensation range applying to a person whose filing status is single, head of household or qualifying widower is ($59,000 - $69,000) (up from $58,000 - $68,000}
- The 2013 compensation range applying to a person whose filing status is married/joint return and an active participant is ($95,000 - $115,000) (up from $92,000 - $112,000}
- The 2013 compensation range applying to a person whose filing status is married/joint return but not an active participant is ($178,000 - $188,000) (up from $173,000 - $183,000}
- The 2013 compensation range applying to a person whose filing status is married but filing a separate return is unchanged at ($0 - $10,000).
The compensation ranges applying to Roth IRA contributions have increased for 2013.
- The 2013 compensation range applying to a person whose filing status is single, head of household or qualifying widower is ($112,000 - $127,000) up from ($110,000 - $115,000)
- The 2013 compensation range applying to a person whose filing status is married/joint return is ($178,000 - $188,000) up from ($173,000 - $183,000)
- The 2013 compensation range applying to a person whose filing status is married but filing a separate return is unchanged at ($0 - $10,000).
The compensation ranges applying to a savers tax credit also will increase.
Categories: Governmental Reporting, Pension Alerts, Roth IRAs, Traditional IRAs
