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.Continue Reading
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.Learn more about Income Tax