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. 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 Income Contribution Limit Your Tax Filing Status (Modified AGI) Single Up to $112,000 Up to the maximum Head of household Between $112,000 and $127,000 Phased-out Contributions Married filing separately (and you and your partner did not live together.) Above $127,000 Ineligible Less than $178,000 Up to the maximum • Married Filing Jointly Between $178,000 and $188,000 Phased-out Contributions More than $188,000 Ineligible • Married Filing Separately $0 Up to the maximum Between $0 and $10,000 Phased-out Contributions Above $10,000 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 24 Your Income Modified Gross Adjusted 2013 Traditional IRA Limit Beneath $59,000 Full Deduction Single Head Between $59,000 and $69,000 Phased-out deduction of household Above $69,000 Ineligible Married Less than $95,000 Full Deduction up to the maximum Filing Jointly Between $95,000 and $115,000 Phased-out Deduction More than $115,000 Ineligible Married Between $0 and $10,000 Phased-out Deduction Filing Separately Above $10,000 Ineligible b. If You Are NOT Covered by Another Plan at Work 24 Your Income Modified Gross Adjusted 2013 Traditional IRA Limit Your Tax Filing Status •Single/Head of household or married (your Anything Full Deduction spouse isn't covered by a plan at work.) • Married filing jointly (spouse participates in a work plan) Less than $178,000 Full Deduction up to the maximum Between $178,000 and $188,000 Phased-out Deduction More than $188,000 Ineligible • Married Filing Separately Between $0 and $10,000 Phased-out Deduction Above $10,000 Ineligible 3. Simple IRASS 1. Employers required to contribute 2. Similar to 401k 3. Easy Setup Max Contribution Limits: $12,000 Catch-Up Contributions 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 employee's salary 1. Contributions are Deductible 4. SEP IRAS 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 Employees If your SEP IRA allows for non-SEP contributions, then you can make tax-deductable contributions up to your maximum IRA limit - generally $5000-6000. copyright © 2013 Greene IRA Success