Roth IRA 2013 contribution change

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Roth IRA 2013 contribution change

Postby Spades » Sat Jan 05, 2013 9:22 am

Howdy All,

Everyone is tracking that the contribution limit is now 5,500 per person right? Just wanted to make sure.

http://www.irs.gov/Retirement-Plans/Pla ... ion-Limits

:sharebeer
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Re: Roth IRA 2013 contribution change

Postby sscritic » Sat Jan 05, 2013 9:48 am

Announced by IRS in October. Computed on bogleheads in September. Regular reading of bogleheads is rewarded; you would have saved four months of worry and doubt. :)

Boglehead history:
First computation, September 14, 2012:
viewtopic.php?f=2&t=102688

Read down to neurosphere's calculation
$5568 rounded down to the nearest $500 = $5500.

Thus, the 2013 IRA contribution limits will be increased to $5500.
viewtopic.php?p=1489313#p1489313

Ignore his doubt (which I conveniently left out). He was using the right rules, he just wasn't sure he was doing it correctly. He was (as tfb and I confirmed).

P.S. and your title is a little misleading: it's IRA, not Roth IRA.
For 2013, 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.
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Re: Roth IRA 2013 contribution change

Postby Spades » Sun Jan 06, 2013 9:36 am

Oh good. I didn't know that's how they computed it. Agreed, I could always be reading more Bogle Heads or use the search function more.

:shock:
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Re: Roth IRA 2013 contribution change

Postby JustinR » Sun Jan 06, 2013 10:22 am

Spades wrote:Oh good. I didn't know that's how they computed it. Agreed, I could always be reading more Bogle Heads or use the search function more.

:shock:

No need to apologize. I'm sure a lot of people didn't know about it as I didn't catch it until like two days ago. Thanks for reminding us!
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