It’s No Too Late To Contribute to Your IRA

You still have until April 15 to contribute to your 2013 IRA. The IRS says that for 2013 and 2014, the maximum you can contribute to all of your traditional and Roth IRAs is the smaller of:

  • $5,500 ($6,500 if you’re age 50 or older), or
  • your taxable compensation for the year.

The IRA contribution limit does not apply to:

Claiming a tax deduction for your IRA contribution

Your traditional IRA contributions may be tax-deductible. The deduction may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels.

Roth IRA contribution limit

The same general contribution limit applies to both Roth and traditional IRAs. However, your Roth IRA contribution might be limited based on your filing status and income.

IRA contributions after age 70½

You can’t make regular contributions to a traditional IRA in the year you reach 70½ and older. However, you can still contribute to a Roth IRA and make rollover contributions to a Roth or traditional IRA regardless of your age.