What Were the IRA Contribution Limits in 2013?


Quick Answer

IRA contribution limits in 2013 were $5,500 for those under the age of 50 and $6,500 for those over the age of 50, as stated on nerdwallet.com. This is a total limit on contributions whether the worker has a Traditional IRA, Roth IRA or both.

Continue Reading
Related Videos

Full Answer

The Internal Revenue Service allows workers to set part of their income aside in a non-taxed Individual Retirement Account. However, the IRS limits the amounts that can be placed in these accounts. Periodically, the IRS raises the IRS contribution limit amount to allow for economic inflation.

As of 2015, the Traditional IRA and Roth IRA contribution limits remained at $5,500 for those age 50 and under and $6,500 for those over 50 years old, according to the IRS website.

Learn more about Financial Planning

Related Questions