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As of 2011 how much money can a person under the age 50 contribute to a traditional IRA?
Wiki User
∙ 9y ago
$5,000
Aurore Cartwright
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What is the maximum age for ROTH IRA contributions?
There is no maximum age for contributing to a ROTH IRA as long as you have earned income. However, you must be under the age of 70 ½ to contribute to a traditional IRA.
What is the max age for an IRA contribution?
There is no maximum age limit for making contributions to a traditional IRA, as long as you have earned income. However, you can no longer contribute to a traditional IRA starting the year you turn 70 ½. For a Roth IRA, there is no age limit as long as you have earned income and meet income eligibility requirements.
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Can a 97 year-old great-grandfather entered into a contract for the purchase of real estat get out of the contract before he dies and before money changes hands?
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How much money can a person under the age of 50 contribute to a traditional IRA as of 2011?
$5,000
Can you contribute to a Traditional IRA and a Roth IRA?
Yes, but combined contribution limits apply. For 2008 the maximum contribution amount is $5,000 for individuals under 50 years of age and $6,000 for those over 50. If you are under 50 and contribute $2,000 to your Roth IRA then you can only contribute $3,000 to your Traditional IRA. For a traditional IRA, you no longer can contribute after the age of 70 1/2 (RMD checks in). For Roth, you can contribute forever since no RMD are taken from this type of IRA account.
What is the maximum age for ROTH IRA contributions?
There is no maximum age for contributing to a ROTH IRA as long as you have earned income. However, you must be under the age of 70 ½ to contribute to a traditional IRA.
What are the amounts of contributions a person can make under the 401k plan?
Total employer and employee contributions are subject to an overall annual limitation. which is the lesser of 100% of the employee's compensation, or $51,000. The amount employees can contribute under a traditional, safe harbor, or automatic enrollment 401(k) plan is limited to $17,500 in 2013.
Can you contribute to a new IRA if you already have an exsisiting traditional IRA?
Yes, as long as you have not meet the contribution limit for that tax year...$5000 for under 50 and $6000 if over.
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What are the 2009 IRA contribution limits?
The 2009 traditional IRA and Roth IRA contribution limits for those eligible to contribute to these IRA's is $5000 for those under age 50 and $6000 for those aged 50 and over. These are the the maximum combined totals you can contribute to both types of accounts.
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