Income Limits Updated for 2013
Yesterday was one of the more exciting days of the year in the world of IRS retirement income limits. That's right, the new 2013 numbers are out!
For Roth IRAs, the changes are minimal. Basically, you can make a little bit more money in 2013 and still be eligible.
- For married couples filing jointly: The phase-out has gone up $5,000. The new phase-out range for 2013 is $178,000 to $188,000, up from $173,000 to $183,000 in 2012.
- For singles: The phase-out has gone up $2,000. The new phase-out range for 2013 is $112,000 to $127,000, up from $110,000 to $125,000 in 2012.
- For a married individual filing a separate return who is covered by a retirement plan at work: The phase-out range remains $0 to $10,000
Also, the contribution limit for Traditional IRAs went to $5,500 from $5,000. That's nice.
There were some minor changes to 401Ks and SIMPLE plans as well. Fun times!
Important Roth Information
Each year, the IRS updates the rules for IRAs. Here are all the details for 2016: