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IRA Contribution Limits

Always Check with Your Tax Advisor Before Making a Contribution

Traditional IRA Contribution Limits

Year Age 49 & Below Age 50 & Above
2002-2004 $3,000 $3,500
2005 $4,000 $4,500
2006-2007 $4,000 $5,000
2008-2012 $5,000 $6,000
2013-2015 $5,500 $6,500

Roth IRA Phase-Out Range & Limits

Year Single Married Filing Jointly
2008 $101,000 - $116,000 $159,000 - $169,000
2009 $105,000 - $120,000 $166,000 - $176,000
2010 $105,000 - $120,000 $167,000 - $177,000
2011 $107,000 - $122,000
Rollover limit removal
$169,000 - $179,000
Rollover limit removal
2012 $110,000 - $125,000 $173,000 - $183,000
2013 $112,001-$127,000 $178,001-$188,000
2014 $114,000–$129,000 $181,000–$191,000
2015 $116,000-$131,000 $183,000-$193,000

You can contribute to a Roth IRA if your income falls below the Roth limits. You're allowed a prorated contribution if your income falls within the "phase-out" range. If your income exceeds the income range you won't qualify for a Roth IRA contribution.  Be sure to discuss your Roth contribution with your tax advisor.

401k Contribution Limits

Year Age 49 & Below Age 50 & Above
2006 $15,000 $20,000
2007 & 2008 $15,500 $20,500
2009-2011 $16,500 $22,000
2012 $17,000 $22,500
2013-2014 $17,500 $23,000
2015 $18,000 $24,000

SEP IRA Limit

Year Max Dollar Allocation Max Considered Compensation
2008 $46,000 $230,000
2009-11 $49,000 $245,000
2012 $50,000 $245,000
2013 $51,000 $245,000
2014 $52,000 $260,000
2015 $53,000 $260,000

The maximum amount that can be contributed to a simplified employee pension (SEP) plan is 25% of an employee's compensation, which is capped at a maximum, per above. Please discuss all contributions with your tax advisor.

SIMPLE IRA

SIMPLE (Savings Incentive Match Plan for Employees)
SIMPLE IRA Contribution Amounts and Deadlines
Year Maximum Contribution
(if under age 50)
Maximum Contribution
(if over age 50)
Contribution Deadline
2013&14 $12,000 $14,500 04/15/2014 (plus extensions)
2015 $12,500 $15,500 04/15/2015 (plus extensions)

SIMPLE IRAs must be established by October 1.