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The deadline to file your 2013 tax return is one month away! Here is a reminder to anyone who has either claimed a deduction for your 2013 IRA contribution or wants to make a non-deductible contribution.
The maximum amount that can be contributed for 2013 (2014 as well) is $5,500. If you are age 50 and above an additional $1,000 is allowed. This applies to both Traditional and Roth IRA’s.
Deductibility of an IRA contribution phases out at certain income levels, but a non-deductible contribution is still permitted. The ability to contribute any amounts directly to a Roth is phased out entirely at a certain income. Read more..