IRAs

Contribution Limits - Traditional and Roth

 

 2001

 2002-2004

2005

2006-2007

2008

 Regular

 $2,000

 $3,000

$4,000

$4,000

$5,000

 Catch-Up*

 N/A

$500

$500

$1,000

$1,000

*Only taxpayers age 50 and over are eligible to make catch-up contributions


Roth IRAs

AGI Phase-Out Range for Contributions to Roth IRAs:
 Married Filling Jointly - $150,000-$160,000

 Single - $95,000-$110,000


Traditional IRA Deductibility Rules

Filing
Status
 Covered by Employer's Retirement Plan?

Modified AGI

 

Deductibility

 2001

 2002

Single  No  Any amount  Any amount  Full deduction
Yes  $32,999 or less  $33,999 or less  Full deduction
 $33,000 - $42,999  $34,000 - $43,999  Partial deduction
 $43,000 or more  $44,000 or more  No deduction
Married
Filing
Jointly
Neither Spouse Covered  Any amount  Any amount  Full deduction
Both Spouses Covered  $52,999 or less  $53,999 or less  Full deduction
 $53,000 - $62,999  $54,000-$63,999  Partial deduction
 $63,000 or more  $64,000 or more  No deduction
One Spouse Covered -
For Covered Spouse
 $52,999 or less  $53,999 or less  Full deduction
 $53,000-$62,999  $54,000-$63,999  Partial deduction
 $63,000 or more  $64,000 or more  No deduction
One Spouse Covered -
For Non-Covered Spouse
 $149,999 or less  $149,999 or less Full deduction
 $150,000-$159,999  $150,000-$159,999 Partial deduction
 $160,000 or more  $160,000 or more  No deduction

 

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