The IRS announced on October 18, 2012 cost of living adjustments applicable to dollar limitations for IRAs and other retirement plans. For 2013, the IRA contribution limit is $5,500, up from the 2012 limit of $5,000. The catch up contribution remains at $1,000 for taxpayers age 50 and over. The IRA deduction phaseout begins at adjusted gross incomes of $95,000 for married couples and $59,000 for singles. In other words, if you are married filing jointly and your adjusted gross income is over $95,000, your IRA contribution will not be fully deductible.