Roth IRA limit

[Wino]

Someone's wife is turning 50 this year. Of course, it isn't my wife, because I would never discuss her age in a public forum. Let's call this question theoretical on those grounds. My wife is 29, just like when we got married a few years ago.

So, what is this year's Roth IRA contribution limit if one turns 50 this year? Basically, does one qualify for the +$1000 if 50 on Jan 1 or if 50 on Dec 31?

[cooliemae]

As long as the person has turned 50 by year's end, then they can contribute the extra 1k into their IRA. For 2013, (thanks Petunia) the limit is $5,500 plus the $1,000 for 50 or over individuals.

[Wino]

Thank you very much for the prompt answer.

[sherylgray]

I am not sure but it is may be $5000 and individuals can also contribute an additional $1,000 as "catch up" contributions

[disneysteve]

We actually found ourselves in this situation this year. My wife will be 50 in December. When I logged onto her Vanguard account to make the first Roth contribution this year, it showed that her limit for the year is $6,500 which was a pleasant surprise.

[kork13]

The way that the IRS states it is that you qualify for the "catch up" contribution in the year that you turn 50 years old.... whether that's in January or in December.