The 2014 contribution limits will remain the same as they are for 2013.
The following limits are:
– $17,500 to a 401(k), 403(b), 457 or the federal government’s Thrift Savings Plan. In addition, you can add as much as $5,500 more in catch-up contributions if you’re 50 or older in 2014.
– $5,500 is the annual contribution limit for traditional and Roth IRAs. If you are 50 or older in 2014 you can add an additional $1,000.
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Additionally, the income limits determining who can contribute to Roth IRAs are increasing very slightly.
– $129,000 if single
– $191,000 if married filing jointly
You can contribute to a Roth IRA in 2014 only if your adjusted gross income is less than what’s listed above. The amount that you can contribute starts to decline — or phase out — for singles earning more than $114,000 and couples earning more than $181,000.
The income limit defining who can claim the savers’ tax credit (officially called the Retirement Savings Contribution Credit) is also increasing slightly. To qualify for the credit, your 2014 adjusted gross income must be less than $60,000 for married couples filing jointly, less than $45,000 for heads of household, and less than $30,000 for singles or married individuals filing separately. See Take Advantage of the Retirement Savers’ Tax Credit for more information about the rules.
–Written on November 19, 2013.