IRS 2013 Contribution Limits for Roth IRA, Traditional IRA, 401(k)

The Internal Revenue Service announced increases in retirement-plan contribution limits for the 2013 tax year.

In 2013, taxpayers can contribute up to $17,500 in their 401(k), 403(b), most 457 plans and the the federal government?s Thrift Savings Plan, up from $17,000. The catch-up contribution for those over 50 remains the same at $5,500.

Also, the contribution limits for traditional and Roth IRAs have been increased to $5,500, up from $5,000. The catch-up contribution stays at $1,000.

The IRS increased these limits because ?the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment.?

The contribution phase-out limits for these accounts will also increase. Click here to learn more about all the changes to IRS pension-plan limitations.

Source: http://www.mybanktracker.com/news/2012/10/18/irs-raises-limit-retirementplan-contributions-2013/

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