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IRA Contribution Limits

Contribution Form

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

2014

2015

$112,001-$127,000

$114,000–$129,000

$116,000-$131,000

$178,001-$188,000

$181,000–$191,000

$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.

 

Health Savings Accounts

Contribution and Out-of-Pocket Limits for Health Savings Accounts and for High-Deductible Health Plans

 

For 2014

For 2013

 


HSA contribution limit (employer + employee)


Individual:
$3,300

Family:
$6,550


Individual:
$3,250

Family:
$6,450


Individual:
+$50 

Family:
+100


HSA catch-up contributions (age 55 or older)*


$1,000


$1,000


No change**


HDHP minimum deductibles


Individual:
$1,250

Family:
$2,500


Individual:
$1,250

Family:
$2,500


No change


HDHP maximum out-of-pocket amounts (deductibles, co-payments and other amounts, but not premiums)


Individual:
$6,350

Family:
$12,700


Individual:
$6,250

Family:
$12,500


Individual:
+$100

Family:
+$200


*
Catch-up contributions can be made any time during the year in which the HSA participant turns 55.

** Unlike other limits, the HSA catch-up contribution amount is not indexed; any increase would require statutory change.

From IRS Publication 969 for Health Savings Accounts:


*
Catch-up contributions can be made any time during the year in which the HSA participant turns 55.

** Unlike other limits, the HSA catch-up contribution amount is not indexed; any increase would require statutory change.

(To learn more about health savings accounts, health reimbursement arrangements and high-deductible health plans, see the SHRM Online article Consumer-Driven Decision: Weighing HSAs vs. HRAs.)

Find out more about the Health Savings Account at the Department of Treasury Website -

http://www.treasury.gov/resource-center/faqs/Taxes/Pages/Health-Savings-Accounts.aspx

 

Coverdell ESA Accounts

Coverdell ESA Contribution Amounts and Deadlines
Year Maximum Contribution Contribution Deadline Income Limits for Contributions
2012 $2,000 04/15/2013 Tax Filing Status Income MAGI
Single $95,001-$110,000
Married- Filing Jointly $190,001-$220,000
2013-14 $2,000 April 15 tax filing deadline
Single $95,001-$110,000
Married- Filing Jointly $150,000-$160,000
For 2012, Coverdell ESAs must be established by the tax filing deadline (without extensions) for the tax year to which your qualifying contribution(s) will apply. Applications postmarked by this date will be accepted.

For more information read IRS Publication 970:

 

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Fraud Awareness

Here are some helpful resources:

www.investor.gov
800 732 0330 The Securities and Exchange Commission (SEC) is dedicated to helping Americans protect their investments.

www.nasaa.org
202 737 0900 The North American Securities Administrators’ Association (NASAA) provides information on investor education.

www.finra.org
301 590 6500 The Financial Industry Regulatory Authority (FINRA) has an “Investor” section on Smart Investing.

www.aarp.com
888 687 2277 American Association of Retired Persons (AARP) includes a section on scams, fraud and consumer protection.