So if you plan to make a Roth IRA contribution this year, you need to know the phase out rules. Otherwise, you risk inadvertently contributing more than the allowable IRS limit. Let's take a look at when the contribution limits phase out, how much they phase out, and how it all effects you. If you earn less than a certain amount of money each year, you qualify to make the maximum allowable contribution to your Roth IRA. Likewise, if you earn too much, you're barred from making any contribution at all. In such cases, your maximum contribution limit phases out according to where your income falls on a sliding scale.
IRA contribution limits
Traditional IRA and Roth IRA Contribution Limits
If you make a contribution for the tax year, you need to know. Otherwise, you risk unexpected taxes, penalties, or both. Remember, the contribution limits change on an annual basis, so if you're using the Internet for your research, make sure you're getting up to date information. IRS Publication is updated on an annual basis, so check the information you get against this government resource. But, if you're reluctant to wade through the bureaucratic language in an IRS document, then just come to this site where the Roth IRA limits are available in plain English.
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2014 Roth IRA Income Limits
Americans working in foreign countries are often able to set money aside in an IRA, but some technical rules call for close scrutiny to make sure that their savings achieve the maximum tax savings. In particular, the foreign earned income exclusion coordinates with the rules for IRA eligibility, and this creates a very narrow range of options for Americans who are living and working abroad. The amount of the exclusion is indexed for inflation so it may increase periodically to keep pace with the economic climate. People working abroad may also be eligible for the foreign housing exclusion.
Contributing to an IRA every year helps prepare you for comfortable retirement while providing valuable tax benefits. An Individual Retirement Account is a special account with a financial institution that lets you to save for retirement with either tax-free growth or tax-deferred benefits. Pay income tax on the funds you contribute up front, and then the IRA grows tax-free. When you withdraw the money, no income tax is due.