Financial Services Blog

Your IRA Contribution Limits for 2014

The amount you can contribute to your traditional or Roth IRA remains $5,500 for 2014, $6,500 if you’re 50 or older. You can contribute to an IRA in addition to an employer-sponsored retirement plan like a 401(k). If you or your spouse participate in an employer-sponsored plan, however, the amount of traditional IRA contributions you can deduct may be reduced or phased out, depending on your modified adjusted gross income (MAGI).

Your ability to make annual Roth contributions may also be phased out, depending on your MAGI. These income limits (phaseout ranges) have increased for 2014:

Income phaseout range for deductibility of traditional IRA contributions in 2014

1. Covered by an employer-sponsored plan and filing as:
Single/Head of household

$60,000 – $70,000

Married filing jointly

$96,000 – $116,000

Married filing separately

$0 – $10,000

2. Not covered by an employer-sponsored retirement plan, but filing joint return with a spouse who is covered by a plan

$181,000 – $191,000

 

Income phaseout range for ability to fund a Roth IRA in 2014

Single/Head of household

$114,000 – $129,000

Married filing jointly

$181,000 – $191,000

Married filing separately

$0 – $10,000

For more information about your retirement planning, feel free to contact us at 440-449-6800 or leave a comment below. Our Financial Services advisors are happy to answer any of your questions.

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