Limits for individual retirement account contributions also - TopicsExpress

Limits for individual retirement account contributions also increase in 2013. If you earn income from work and are younger than 50, you can contribute up to $5,500 to an IRA. If you are over 50, you can contribute an extra $1,000, bringing the total to $6,500. If you want to save more than the limit in your IRA or 401(k), you can go right ahead and do so, but you don’t get the benefit of a tax deduction for it. Higher contribution limits means more tax savings. Stay-at-home parents can also contribute to their own IRA based on a spouse’s earnings from work. Forebes

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