Vital IRS Information for all Medical Professionals
By Lon Jefferies MBA, Certified Financial Planner™ (CFP)
Annual contribution limits for retirement accounts in 2013 are listed below:
- Maximum annual IRA contribution (under age 50): $5,500
- Maximum annual IRA contribution (age 50 and over): $6,500
- Maximum annual 401(k), 403(b), and 457 salary-deferral limit (under age 50): $17,500
- Maximum annual 401(k), 403(b), and 457 salary-deferral limit (age 50 and over): $23,000
- Maximum annual additions limit under defined contribution plan (example: SEP): $51,000
- Maximum SIMPLE salary-deferral limit (under age 50): $12,000
- Maximum SIMPLE salary-deferral limit (age 50 and over): $14,500
Additionally, the deduction for taxpayers making contributions to a traditional IRA is phased out for singles who are covered by a workplace retirement plan and have a modified adjusted gross income between $59,000 and $69,000.
For married couples filing jointly in which the spouse who makes the IRA contribution is covered by a workplace retirement plan, the income phase-out range is $95,000 to $115,000.
For an IRA contributor who is not covered by a workplace retirement plan and is married to someone who is covered, the deduction is phased out if the couple’s income is between $178,000 and $188,000.
Finally, the AGI phase-out range for singles making contributions to a Roth IRA is $112,000 to $127,000.
For married couples filing jointly, the income phase-out range is $178,000 to $188,000.
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