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The 2014 Roth IRA limits and Roth 401k contribution limits were just announced, so you can start planning your contributions. The 2014 limits will stay the same for both the Roth 401k and the Roth IRA.
The 401k limits and IRA limits are determined based on inflation, but can only increase in $500 increments. The 2014 social security wage base increased even though the Roth 401k limits and Roth IRA limits stayed the same.
Here are the official contribution limits from the IRS:
|Roth 401k Contributions||2013||2014|
|Maximum||$ 17,500||$ 17,500|
|Catch-up 50 and over||$ 5,500||$ 5,500|
|Roth IRA Contributions||2013||2014|
|Maximum||$ 5,500||$ 5,500|
|Catch-up 50 and over||$ 1,000||$ 1,000|
You can make your 2014 contributions as early as January 1, 2014 for the whole year. If you contribute 2014 Roth IRA money between January 1 and April 15, be sure to designate calendar year 2014 if you have already contributed the maximum for 2013.
To maximize your IRA investments, make sure you aren’t paying extra fees in your IRA. You can transfer your IRA to Scottrade to avoid annual fees.
You may contribute the full amount this year to your Roth IRA if your 2013 modified adjusted gross income is below $112,000 for singles ($178,000 for married). You may make partial contributions until your income hits $127,000 ($188,000 for married). If your income is above that, you cannot contribute to a Roth IRA. If you are interested, there is a workaround called the Backdoor Roth IRA if your income is above the limits.
You can still make 2013 contributions before the end of the year for your 401k. The deadline for 2013 IRA contributions is April 15, 2014, the same as the tax deadline.