In 2013 you are allowed to contribute up to $5,500 to your traditional Roth IRA account. For taxpayers age 50 or older, the amount rises to $6,500. This is an increase from the limits in 2012 that were $5,000 and $6,000 respectively.

Apart from these limits, an individual is prohibited from contributing more than his or her earned income for the year. For example, if your teenage daughter has a part-time job from which she earned $5,200 for the entire year, she may contribute no more than $5,200 to her personal IRA.

If you have questions about contributions to your IRA please contact Peri Ann Aptaker, Director of Wealth Management or call 888-KLR-8557