What were the Simple IRA contribution limits from 2013?


Quick Answer

In 2013, the employee contribution limit for the Savings Incentive Match Plan for Employees (SIMPLE) Individual Retirement Account (IRA) was $12,000, states Investopedia. The catch-up contribution limit for the same year was $2,500, which is provided for individuals age 50 or older.

Continue Reading

Full Answer

In the United States, a SIMPLE IRA plan enables employees and employers to contribute to a retirement account that a company establishes and maintains for its workers. An employee's contribution is in the form of a salary deduction, while the employer's contribution is either a matching or non-elective contribution.

The annual contribution limits to SIMPLE IRAs vary with respect to the standards set by the Internal Revenue Service. The employee and catch-up contribution limits were the same for 2013 and 2014. However, both limits have increased to $12,500 and $3,000 in 2015, respectively, notes the IRS.

Learn more about Taxes

Related Questions