What Were the IRA Income Limits for 2013?


Quick Answer

For the year 2013, the individual retirement arrangement, or IRA, contribution started phasing out at the adjusted gross income, or AGI, level of $95,000 for a married couple filing jointly and at $59,000 for single filers or head of households, states the Internal Revenue Service. The phase-out was complete at $115,000 and $69,000, respectively.

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Full Answer

The income limits applied only if the contributor was covered by a retirement plan at work in 2013. If the contributor was not covered, his full contribution up to the limit of $5,500 was tax deductible. The catch-up contribution limit for people over 50 years of age was $1,000 for 2013, according to the IRS.

For spousal contribution to IRA, the phase-out range of the couple's AGI was from $178,000 to $188,000. For Roth IRA, the phase-out range of AGI was from $178,000 to $188,000 for married filing jointly and $112,000 to $127,000 for single and head of household filers, explains the IRS.

The AGI limit for 401(k) contributions was $255,000 in 2013. An employee was able to contribute $17,500 in elective deferrals and an additional $5,500 in catch-up contributions if he was over 50 years of age, notes the IRS. For an SEP plan, the higher income limit was $255,000.

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