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Roth IRA: How Much Can You Contribute in 2013?
Roth IRA: How Much Can You Contribute in 2013?

If you are married, and both you and your spouse plan to contribute to Roth IRAs, determine your allowable contribution amounts separately. If you are using this worksheet, complete it once for you and once for your spouse.

The way that you calculate your allowable contribution depends on your income tax filing status for the year of the contribution:

Caution: If you are married, did not live with your spouse at any time during the year, and file separate returns, you are considered single for purposes of determining your allowable contribution to a Roth IRA.

Quick Summary

Your ability to contribute to a Roth IRA depends in part on the amount of taxable compensation that you (and, in some cases, your spouse) received for the year. In addition, your ability to contribute to a Roth IRA may be limited (or phased out entirely) if your modified adjusted gross income (MAGI) for the year is too high.

If your federal income tax filing status is:

Your ability to contribute to a Roth IRA is limited if your MAGI is between:You cannot contribute to a Roth IRA if your MAGI is:
Single or head of household$112,000 - $127,000$127,000 or more
Married filing jointly or qualifying widow(er)$178,000 - $188,000$188,000 or more
Married filing separately$0 - $10,000$10,000 or more

Note: Contributions to a Roth IRA are never tax deductible on your federal income tax return. However, certain low- and middle-income taxpayers can claim a partial income tax credit for amounts contributed to an IRA (Roth or traditional).

Note: Taxpayers age 50 and older can make an additional "catch-up" contribution to an IRA (Roth or traditional), over and above the general IRA contribution limit. The annual catch-up contribution amount is $1,000 for 2013.

Note: Special rules may apply to certain reservists and national guardsmen called to active duty after Spetember 11, 2001.

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*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. ("CFS), registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. Fairwinds Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.