Though we are well into 2014, there is still time to contribute to a traditional or Roth IRA for the 2013 tax year. The deadline for 2013 contributions is Tues., Apr. 15, 2014. To be eligible for a deduction, you must have been employed in 2013 and not covered by an employer-sponsored retirement plan. The limits are as follows:

Traditional IRA:

  • $5,500 limit, or
  • $6,500 if you were 50 or older by Dec. 31, 2013
  • Some restrictions apply based on your modified adjusted gross income and your marital status.

Roth IRA:

  • $5,500 limit, or
  • $6,500 if you were 50 or older by Dec. 31, 2013
  • Income limits are higher for Roth IRAs, but some restrictions apply.

If you have questions or want to set up an IRA to take advantage of the tax deductions, contact us today. We can tell you how much you are eligible to deduct.

To your wealth,

Joseph M. Maas, CFA, CVA, ABAR, CM&AA, CFP®, ChFC, CLU®, MSFS, CCIM
President of Synergetic Finance

Joe Maas