Increased limits for the new tax year mean greater savings opportunities

While you have until April 15, 2013, to make a 2012 contribution to your Roth, it’s also time to plan your retirement savings for 2013. The IRS recently issued it’s new guidelines, which raise the contribution limits and increase income eligibility (to account for inflation). Here are the details.

If your filing status is…And your modified AGI is…Then you can contribute…
married filing jointly or qualifying widow(er)

< $178,000

up to $5,500

> $178,000 but < $188,000

a reduced amount

> $188,000

zero
married filing separately and you lived with your spouse at any time during the year

< $10,000

a reduced amount

> $10,000

zero
single, head of household, or married filing separately and you did not live with your spouse at any time during the year

< $112,000

up to $5,500

> $112,000 but < $127,000

a reduced amount

> $127,000

zero

Click here for current Roth IRA contribution Limits, and up to date Roth IRA income limits.

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