Roth IRA 2013 contribution change

[Spades]

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

[sscritic]

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.

your link

[Spades]

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.

[JustinR]

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.

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!