Traditional IRAs

The 2014 contribution limit for a Traditional IRA will remain at ,500, with an additional ,000 catch-up contribution allowed for those ages 50 and older.

 

However, the Adjusted Gross Income (AGI) phase-out ranges will slightly increase. If you fall into one of these phase-out categories, you will only be able to take a partial tax deduction on your Traditional IRA contribution (but you can still contribute the full amount).

 

Single and head-of-household tax filers covered by a workplace retirement plan: Phase-out is between ,001 and ,000.

Married filing jointly, covered by a workplace retirement plan: Phase-out is between ,001 and 6,000.
Married filing jointly, spouse covered by a workplace retirement plan and you aren’t: Phase-out is between 1,001 and 1,000.

 

Roth IRAs

The 2014 contribution limit for a Roth IRA will remain at ,500, with an additional ,000 catch-up contribution allowed for those 50 and older.

However, the Adjusted Gross Income (AGI) reduced-contribution ranges will slightly increase.

Single and head-of-household tax filers: Phase-out is between 4,000 and 9,000.
Married filing jointly: Phase-out is between 1,000 and 1,000.