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IRA and Tax Tables 2013

2013 IRA Contribution Levels

YearUnder age 50Age 50+
2013$5,500$6,500

 

2013 Roth IRA Eligibility

YearIf your tax status is...... you can contribute to a Roth IRA if your
modified adjusted gross income is less than...
2013Married, filing jointly$188,000
2013Single$127,000

 

2013 Traditional IRA Deductions

If you are covered by a retirement plan at work, use this IRS table to determine if you can deduct your 2013 Traditional IRA contribution:

2013 Roth IRA Conversion Eligibility

YearEligibility
2013Anyone Can

 

2013 SEP IRA Contribution Levels

Here's what you can contribute to a SEP IRA:

YearStatusMaximum Contribution
2013W-2 IncomeUp to 25% of compensation, but no more than $51,000.
2013Self EmployedGenerally up to 20%, but no more than $51,000.

 

2013 Federal Tax Brackets

Marginal Tax Rate

Single

Married Filing Jointly or Qualifying Widow(er)

Married Filing Separately

39.6%

$400,001 and more

$450,001 and more

$225,001 and more

35%

$398,351 - $400,000

$398,351 - $450,000

$199,176 - $225,000

2013 Federal Estate Tax Levels

At death, a surviving spouse's estate will owe estate taxes on the net value that exceeds the annual exemption:


YearExempt from TaxEstate-Tax Rate
2013

$5,250,000 for person with portability

Top rate of 40%

 

2013 Generation-Skipping Transfer (GST) Tax

Tax on assets transferred to non-spouse heirs at death:


YearExempt from TaxGST Tax Rate
2013

$5,250,000 per person (no portability)

40%

 

2013 Annual Gift Tax Exclusion

You may give the following amount to an individual, free of gift tax:


YearAnnual Exclusion
2013$14,000

 

2013 IRA Minimum Distribution Tables

When owners of a Traditional IRA reach age 70½, they are required to take annual minimum distributions. The amount changes each year. Simply divide your IRA's value at the end of each year by the distribution period listed next to your age in the following IRS charts:



2013 Uniform Lifetime Table

This table is the life expectancy table to be used by all IRA owners to calculate lifetime distributions unless your beneficiary is your spouse who is more than 10 years younger than you. In that case, you would not use this table, you would use the actual joint life expectancy of you and your spouse based on the regular Joint Life Expectancy Table. The Uniform Lifetime Table is never used by IRA beneficiaries to compute required distributions on their inherited IRAs.

2013 Joint Life Expectancy Table

This table is used only for lifetime distributions and only when the spousal exception applies (when the spouse is the sole beneficiary for the entire year and is more than 10 years younger than the IRA owner). Beneficiaries never use this table.

2013 Single Life Expectancy Table

Designated beneficiaries use this Single Life Expectancy Table based on their age in the year after the IRA owner's death. That factor is reduced by one for each succeeding distribution year. Spouse beneficiaries who do not elect to roll the IRA over or treat it as their own also use the single life table, but they can look up their age each year.



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