First computation, September 14, 2012:
Read down to neurosphere's calculation
viewtopic.php?p=1489313#p1489313$5568 rounded down to the nearest $500 = $5500.
Thus, the 2013 IRA contribution limits will be increased to $5500.
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.
your linkFor 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.
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.
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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