Spring 2014 CLIENT UPDATE Newsletter: IRS audits: What you need to know

Winter 2013 CLIENT UPDATE Newsletter: Heath-care reform law gets underway for individuals. Update-Winter2013.pdf.

Fall 2013 CLIENT UPDATE Newsletter: Do you have obsolete inventory? Update-Fall2013.pdf.

Spring 2013 CLIENT UPDATE Newsletter: Tax legislation effects: Update-Spring2013.pdf.

Winter 2012 CLIENT UPDATE Newsletter: Year-end checklist for taxes: Update-Winter2012.pdf.

Fall 2012 CLIENT UPDATE Newsletter: Supreme Court upholds 2010 health care law: Update-Fall2012.pdf.

Summer 2012 CLIENT UPDATE Newsletter: Diversify investments by focusing on taxes: Update-Summer2012.pdf.

Spring 2012 CLIENT UPDATE Newsletter: 12 ways to improve your financial health in 2012: Update-Spring2012.pdf.

Winter 2011 CLIENT UPDATE Newsletter: Tax rules can provide relief when disaster strikes.  Update-Winter2011.pdf.

Fall 2011 CLIENT UPDATE Newsletter: New bonus depreciation rules.  UpdateFall2011.pdf.

Spring 2011 CLIENT UPDATE Newsletter: New tax rules offer opportunities. Are you saving enough?UpdateSpr2011.pdf.

Winter 2010 CLIENT UPDATE Newsletter: Small Business Jobs Act restores familiar tax breaks. UpdateWinter10.pdf.

Fall 2010 CLIENT UPDATE Newsletter: New 2010 tax credit available to small businesses.  ClientUpdateFall10.pdf.

Summer 2010 CLIENT UPDATE: Health care reform includes current and future tax changes.  ClientUpdate.pdf.

April 2014

What are the Traditional and Roth IRA Contribution Limits for 2014?

For 2014, 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.

In addition to the contribution limits, there are also income limits for contributing to a Roth IRA. If you earn more than a certain amount of income, your contribution may be limited or completely phased-out. For 2014, the AGI phase-out range for taxpayers making contributions to a Roth IRA is $181,000 to $191,000 for married couples filing jointly ($114,000 to $129,000 for singles and heads of household). Remember that contributions to a Roth IRA are not deductible. 

Contributions to a traditional IRA are allowed regardless of the amount of income you earn. But the deductibility of the contributions may be limited or phased out once you reach certain income levels. There are different AGI limits depending on whether you or your spouse is covered by a workplace retirement plan as well. Note, even if you earn too much to get a deduction for contributing to an IRA, you can still contribute; it’s just non-deductible. Please give us a call to discuss if you have any questions.

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