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The below is from the publication I provided the link too..which may be easier to read that this, especially if the formatting doesn't hold here. Chap. 2 has the specifics on this. The contribution limit for Roth IRAs generally depends on whether contributions are made only to Roth IRAs or to both traditional IRAs and Roth IRAs.
IF you have taxable compensation
and your filing status is ... AND your modified AGI is ... THEN ... married filing jointly or
qualifying widow(er)less than $156,000 you can contribute up to $4,000 ($5,000 if you are age 50 or older) as explained under How Much Can Be Contributed.at least $156,000
but less than $166,000 the amount you can contribute is reduced as explained under Contribution limit reduced.$166,000 or more you cannot contribute to a Roth IRA. married filing separately and
you lived with your spouse at any
time during the yearzero (-0-) you can contribute up to $4,000 ($5,000 if you are age 50 or older) as explained under How Much Can Be Contributed.more than zero (-0-)
but less than $10,000 the amount you can contribute is reduced as explained under Contribution limit reduced.$10,000 or more you cannot contribute to a Roth IRA. single,
head of household,
or married filing separately and
you did not live with your spouse
at any time during the yearless than $99,000 you can contribute up to $4,000 ($5,000 if you are age 50 or older) as explained under How Much Can Be Contributed.at least $99,000
but less than $114,000 the amount you can contribute is reduced as explained under Contribution limit reduced.$114,000 or more you cannot contribute to a Roth IRA. Note. You may be able to contribute up to $7,000 if you participated in a 401(k) plan maintained by an employer who went into bankruptcy in an earlier year. See Catch-up contributions in certain employer bankruptcies, later.
For 2008, the amounts in Table 2-1 increase. For 2008, your Roth IRA contribution limit is reduced (phased out) in the following situations. * Your filing status is married filing jointly or qualifying widow(er) and your modified AGI is at least $159,000. You cannot make a Roth IRA contribution if your modified AGI is $169,000 or more. * Your filing status is married filing separately, you lived with your spouse at any time during the year, and your modified AGI is more than -0-. You cannot make a Roth IRA contribution if your modified AGI is $10,000 or more. * Your filing status is different than either of those described above and your modified AGI is at least $101,000. You cannot make a Roth IRA contribution if your modified AGI is $116,000 or more.
Roth IRAs only. If contributions are made only to Roth IRAs, your contribution limit generally is the lesser of: * $4,000 ($5,000 if you are age 50 or older), or * Your taxable compensation. This limit may be increased to $7,000 if you participated in a 401(k) plan maintained by an employer who went into bankruptcy in an earlier year. For more information, see Catch-up contributions in certain employer bankruptcieslater. However, if your modified AGI is above a certain amount, your contribution limit may be reduced, as explained later under Contribution limit reduced.
Roth IRAs and traditional IRAs. If contributions are made to both Roth IRAs and traditional IRAs established for your benefit, your contribution limit for Roth IRAs generally is the same as your limit would be if contributions were made only to Roth IRAs, but then reduced by all contributions for the year to all IRAs other than Roth IRAs. Employer contributions under a SEP or SIMPLE IRA plan do not affect this limit. This means that your contribution limit is the lesser of: * $4,000 ($5,000 if you are age 50 or older) minus all contributions (other than employer contributions under a SEP or SIMPLE IRA plan) for the year to all IRAs other than Roth IRAs, or * Your taxable compensation minus all contributions (other than employer contributions under a SEP or SIMPLE IRA plan) for the year to all IRAs other than Roth IRAs. This limit may be increased to $7,000 if you participated in a 401(k) plan maintained by an employer who went into bankruptcy in an earlier year. For more information, see Catch-up contributions in certain employer bankruptcies later.
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What is the maximum contribution for Roth IRAs in 2011?
The maximum contribution is $6000. I hope this helps you!
What's the max yearly contribution to a Roth IRA?
The max yearly contribution you can make to your Roth IRA (or any IRA) is $5,000 a year if you are under sixty years old, of $6,000 a year if you are over sixty years old.
What are the yearly Roth IRA contribution limits?
IRAs were introduced to encourage people to save for retirement. The maximum contribution limit depends upon the income and age of the contributor. For example, if the persons income is Under $112,000 and they are under 50 they can contribute $5500 per year.
How is the 401k different from the Roth ira?
There is one main difference between a 401k and a Roth IRA. The maximum contribution limit for a 401k is about three times that of an IRA.
Could you contribute to both a roth and IRA same year?
You can contribute to both traditional and Roth IRAs in the same year. However, you total contribution to all IRA plans must not exceed the maximum contribution limit of $5,000 ($6,500 if over 50).
What is the maximum contribution for Roth IRAs in 2011?
The maximum contribution is $6000. I hope this helps you!
What's the max yearly contribution to a Roth IRA?
The max yearly contribution you can make to your Roth IRA (or any IRA) is $5,000 a year if you are under sixty years old, of $6,000 a year if you are over sixty years old.
Which is the Roth IRA maximum contribution given?
For those over the age of 50 , 6,500 is the Roth IRA maximum contribution limit. The limit is lower at 5,550 for those under 50. These numbers are for both traditional and Roth IRA's combined.
How much is the maximum Roth IRA contribution if you are above 50?
The cost of living adjustments have been made to the 2013 Roth IRA maximum contributions. If you are above 50 the maximum amount you can contribute is $6500.
What are the yearly Roth IRA contribution limits?
IRAs were introduced to encourage people to save for retirement. The maximum contribution limit depends upon the income and age of the contributor. For example, if the persons income is Under $112,000 and they are under 50 they can contribute $5500 per year.
What is the limit of Roth IRA contributions one can make in a financial year?
The contribution limit of Roth IRA one can make yearly differs depending on a persons circumstances. Being single or married factors in to the amount one can contribute. The official IRS government website has a set of guidelines and rules available to help one figure out their maximum allowable contribution.
Where is Roth IRA Contribution Limited located?
There is no company or entity entitled Roth IRA Contribution Limited. Roth individual retirement account contribution limits refer to the maximum contribution a person can make to such an account in a given year. Those limits are set annually and published by the Internal Revenue Service as Publication 590.
How is the 401k different from the Roth ira?
There is one main difference between a 401k and a Roth IRA. The maximum contribution limit for a 401k is about three times that of an IRA.
Can you have more than one roth ira?
You can have as many Roth IRAs as you like. However, total contributions for all accounts must not exceed the annual maximum contribution.
Is the contribution limit for an IRA or Roth account 5000 for the year per customer OR per customer account?
The $5,000 annual IRA contribution limit is per customer. You maximum contribution amount is determined by adding contributions to all of your IRA accounts (both traditional and Roth).
What are the 2009 Roth IRA contribution limits?
The 2009 Roth IRA contribution limits for those eligible to contribute to one is $5000 for those under age 50 and $6000 for those aged 50 and over. The allowable contribution limit did not increase from 2008.
You maxed out your 401K in 2008 how much can you contribute to a roth IRA in 2008?
Roth IRA contributions are not affected by 401k contributions in any way. The max contribution for 2008 was $5000 ($6000 if age 50 or above). This is of course assuming you fall within income requirements for a Roth IRA.
