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Awesome IRA Cheat Sheet

2013 IRA Contribution Cheat Sheet



Roth IRA Traditional IRA Simple IRA SEP IRA



1. Roth IRAs



1. No Taxes on Capital gains or dividends

2. Tax-free growth - No tax on retirement withdrawals

3. Contributions are not tax deductible



Max Contribution Limits: $5500

Catch-Up Contributions Age 50+: $1000 Additional

(Total combined contributions to Roth and/or traditional IRAs may not exceed these amounts)



Roth IRA Income Limits



Your Tax Filing Status

Single

head of household

Married filing separately

(and you and your partner did not live together.)

Married Filing Jointly

Married Filing Separately



Income (Modified AGI)

Up to $112,000

Between $112,000 and $127,000

Above $127,000

Less than $178,000

Between $178,000 and $188,000

More than $188,000

%0

Between $0 and $10,000

Above $10,000



Contribution Limit

Up to the maximum

Phased-out Contributions

Ineligible

Up to the maximum

Phased-out Contributions

Ineligible

Up to the maximum

Phased-out Contributions

Ineligible



2. Traditional IRAs



1. No Taxes on Capital gains or dividends

2. Tax-deferred growth - Gains taxable upon withdrawal

3. Contributions are tax deductible



Max Contribution Limits: $5500

Catch-Up Contributions Age 50+: $1000 Additional

(Total combined contributions to Roth and/or traditional IRAs may not exceed these amounts)



Traditional IRA Deduction Limits



a. If You ARE Covered by Another Plan at Work



Your Tax Filing Status

Single

head of household

Married Filing Jointly

Married Filing Separately



Your Income Modified Gross Adjusted

Beneath $59,000

Between $59,000 and $69,000

Above $69,000

Less than $95,000

Between $95,000 and $115,000

More Than $115,000

Between $0 and $10,000

Above $10,000



2013 Traditional IRA Limit

Full Deduction

Phased-out deduction

Ineligible

Full Deduction up to the maximum

Phased-out Deduction

Ineligible

Phased-out Deduction

Ineligible



b. If You Are NOT Covered by Another Plan at Work



Your Tax Filing Status

Single/Head of household or married (your spouse isn't covered by a plan at work)

Married filing jointly (spouse participates in a work plan)

Married Filing Separately



Your Income Modified Gross Adjusted

Anything

Less than $178,000

Between $178,000 and $188,000

More Than $188,000

Between $0 and $10,000

Above $10,000



2013 Traditional IRA Limit

Full Deduction

Full Deduction up to the maximum

Phased-out Deduction

Ineligible

Phased-out Deduction

Ineligible



3. Simple IRA



1. Employers required to contribute

2. Similar to 401k

3. Easy Setup



Max Contribution Limits: $12,000

Catch-Up Contribution Age 50+: $2500 Additional



If you participate in additional salary reduction plans offered by your employer, total contributions may not exceed $17,000 not including catch-up contributions.



For Employers

Matching Contributions - Up to 3%

Non-elective Contributions - 2% of employer's salary



4. SEP IRAs



1. Contributions are Deductible

2. Highest Contribution Limits

3. Low Administrative Costs



Max Contribution Limits For Self-Employed and Small Business Owners



25% of an Employee's Salary or $51,000 Whichever is smaller



Catch-Up Contributions Age 50+: None Allowed



If you participate in additional salary reduction plans offered by your employer, total contributions may not exceed $17,000 not including catch-up contributions.



For Employers

If your SEP IRA allows for non-SEP contributions, then you can make tax-deductable contributions up to your maximum IRA limit - generally $500-6000.

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Awesome IRA Cheat Sheet

shared by cyrusshepard on Mar 13, 2013 in Business

Awesome IRA Cheat Sheet

shared by cyrusshepard on Mar 13, 2013 in Business

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Over time, and in part because of the recent economic crises, US workers have invested increasing less amounts into retirement savings. Another disturbing trend is that workers are waiting until later...
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