Posts Tagged ‘Contribution limits IRA’

Contribution limits IRA – Your 2009 IRA Traditional and Roth Contribution and Deduction Limits

2009 Combined Traditional and Roth IRA Contribution Limits:

If you are under 50 years of age at the end of 2009: The maximum contribution that can be made to a traditional or Roth IRA is the smaller of $5,000 or the amount of your taxable compensation for 2009. This limit can be split between a traditional IRA and a Roth IRA but the combined limit is $5,000.The maximum deductible contribution to a traditional IRA and the maximum contribution to a Roth IRA may be reduced depending on your modified adjusted gross income.

If you are 50 years of age or older before 2010: The maximum contribution that can be made to a traditional or Roth IRA is the smaller of $6,000 or the amount of your taxable compensation for 2009. This limit can be split between a traditional IRA and a Roth IRA but the combined limit is $6,000. The maximum deductible contribution to a traditional IRA and the maximum contribution to a Roth IRA may be reduced depending on your modified adjusted gross income.
2009 Traditional IRA Contribution and Deduction Limits

• Contribution Limits (see above)
• Effect of Modified AGI on Deduction if You Are Covered by a Retirement Plan at Work
• Effect of Modified AGI on Deduction if You Are NOT Covered by a Retirement Plan at Work

• Contribution Limits (see above)
• Amount of Roth IRA Contributions That You Can Make For 2009