RothIRAInvesting.com

Last Updated Aug 2008

 

Roth IRA contributions

The Roth IRA Contributions are limited as follows:

Year
Age 49 and Below
Age 50 and Above
2008
$5,000
$6,000

2009 and beyond

 $5000 base+Cost of living adjustments $5000 base+Cost of living adjustments + $1000


 

 

The Cost of living adjustments will be based on Inflation and will be in $500 increments.

There is a limitation as to who can contribute to IRA. A taxpayer can only contribute the amount as listed in the table above if his or her Modified Adjusted Gross Income (MAGI) is below a certain level.

The annual amount you can contribute to a Roth IRA is solely dependent on your adjusted gross income as determined on your federal income tax return. The following table should help you determine whether or not you are eligible to contribute to a Roth IRA

 

 


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