IRAThe contribution amount workers can put toward their IRAs will stay the same, at $5,500 in 2014, with individuals ages 50 and up being able to contribute the same catch-up contribution range as last year, up to an additional $1,100.
IRA income limits will change in the following ways:
- Those who have a workplace retirement plan with modified adjusted gross incomes of $60,000 to $70,000 will not be eligible to file for a tax deduction, up from last year's range of $59,000 to $69,000.
- Married couples with workplace retirement plans making between $96,000 to $116,000 per household will not be able to file for the tax deduction either, also up $1,000 from last year.
- Investors without a workplace retirement who are married to a spouse that has one, if their shared income is between $181,000 and $191,000, they will not be eligible for the tax deduction, up $3,000 from 2013.
- Roth IRA income cutoffs will be larger, as workers can now earn an additional $2,000 more, with couples being able to earn an additional $3,000 and still qualify to contribute to a Roth IRA.
- Individuals with an adjusted gross income of $114,000 to $129,000 will not qualify for a Roth IRA, nor will married couples making between $181,000 to $191,000.