global Tax How much can I contribute to an IRA in 2013? January 21, 2013 Disclaimer This post was published more than two years ago, and some information may now be out of date. We want to help you make the best decisions possible—please connect with your advisor or check out our latest resources for the most current guidance. Allowable contribution amount increases from 2012. In 2013 you are allowed to contribute up to $5,500 to your traditional Roth IRA account. For taxpayers age 50 or older, the amount rises to $6,500. This is an increase from the limits in 2012 that were $5,000 and $6,000 respectively. Apart from these limits, an individual is prohibited from contributing more than his or her earned income for the year. For example, if your teenage daughter has a part-time job from which she earned $5,200 for the entire year, she may contribute no more than $5,200 to her personal IRA. If you have questions about contributions to your IRA please contact Peri Ann Aptaker, Director of Wealth Management or call 888-KLR-8557
