IRS Sets 2014 IRA and 401(k) Limits

The Internal Revenue Service has announced the following retirement contribution plan limits for the 2014 tax year.

IRA Contributions

Roth:  $5,500
Traditional: $5,500
Over 49 Catch-Up: $1,000

Traditional Phase Outs

Single (covered by employer plan)  $60 – 70k
Married (contributor covered) $96 – 116k
Married (spouse covered) $181 – 191k

Roth Phase Outs

Single $114 – 129k
Married $181 – 191k

401(k) Contributions

Over 49 Catch-Up: $5,500

SEP IRA Contributions

25% of compensation up to $52,000
20% of net self-employment income

SIMPLE IRA Contributions

Salary deferral up to $12,000
Over 49 Catch-Up: $2,500

2014-01-09T20:36:31+00:00 November 13th, 2013|Business Tax, Personal Tax|2 Comments


  1. Surendra Singh December 2, 2013 at 2:45 pm

    Hi Aaron,
    I just read somewhere that there is another opportunity for us to convert entire IRA into Roth IRA. Can you please confirm it?


    • Aaron Blau, EA, CPA December 2, 2013 at 3:01 pm

      For years before 2010, Roth IRA conversions were allowed only if the taxpayer’s modified AGI was no more than $10,000. Beginning in 2010, all individuals, regardless of filing status or AGI, are eligible to roll IRAs and certain employer plans to ROTH IRAs.

      [§408A(c)(3)(B)] paraphrased from PPC 1040 Deskbook Key Issue 5D.

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