What is the IRA contribution limit?
08/30/2011 0 comments
The following are 2010 contribution limits:
If you're
- Yonger than 50, your 2010 contributions to a traditional IRA or a Roth IRA are limited to $5,000 or the total of your taxable compensation, whichever is smaller.
- 50 or older, you are allowed to have catch up contribution: up to an additional $1,000 for a total yearly contribution of $6,000;
Special limit for Roth IRA contribution:
- To be qualified for the full contribution, your modified adjusted gross income must be less than $105,000 if you're single, or $167,000 as a married couple filing jointly. If you earn slightly above those amounts, you may be able to make smaller contributions, which phase out after $120,000 and $177,000, respectively.
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