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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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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.


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).


Are there limits on deposits for a tax deferred account?

Yes. If you are under 50 at the end of 2011, the maximum contribution that can be made to a traditional or Roth IRA is the smaller of $5,000 or the amount of your taxable compensation for 2011. If you are 50 years of age or older before the end of 2011, the maximum contribution that can be made to a traditional or Roth IRA is the smaller of $6,000 or the amount of your taxable compensation for 2011. [Source: Internal Revenue Service]


Is your IRA contribution limited to your earned income?

Yes if your earned income is less than the maximum contribution limit for the tax year in question.General LimitFor 2009, the most that can be contributed to your traditional IRA generally is the smaller of the following amounts:$5,000 ($6,000 if you are age 50 or older), orYour taxable compensation (defined earlier) for the year.THANKS for the answer--Mike


Does severance pay count as earned income in making a contribution to a traditional IRA?

Severance pay usually is considered ordinary taxable income. If the income is taxable you can count it toward making an IRA contribution.

Related Questions

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.


What are my IRA contribution limits?

Information about IRA contribution limits may be found directly on the IRS official website. Navigate to the retirement plans section and then to the IRA topics. These articles will help you to calculate your limits for the tax year.


What are the self-employed IRA contribution limits for 2022?

The self-employed IRA contribution limit for 2022 is 61,000.


2008 roth IRA contribution limits?

The contribution limits are the same for 2008 and 2009: $5000 if you are under 50 or $6000 if you are 50 or over MINUS the amount you contributed to a traditional IRA. But, you may not contribute more than the amount of your taxable compensation income (which includes taxable wages, net self-employment, and alimony received). Note that it is too late to make a 2008 IRA or Roth IRA contribution now.


What are the IRA contribution limits?

You can find the current IRA contribution limits on the IRS website (at www.irs.gov). You can also ask at your local IRS office (you can find the address on the IRS website or in your phonebook)


What exactly are roth IRA rules?

The IRA rules tell you about what it is, what the rates would be and contribution limits.


How can I find information about IRA contribution limits?

Information about IRA contribution limits can be found via a number of websites online. This information is available on sites including IRS, Fidelity, About and Wells Fargo.


Does the IRA have any traditional IRA rules?

There are several traditional IRA rules that apply to the IRA or an IRA account. These rules include restrictions on age (how old you need to be to apply for an IRA), maximum contribution limits, withdrawal limits, and tax deductibility.


Can I make a lump sum contribution to my Simple IRA?

Yes, you can make a lump sum contribution to your Simple IRA, but there are limits on how much you can contribute each year.


What are the IRA contribution limits for married couples?

For married couples, the IRA contribution limit is 6,000 per person in 2021, or 7,000 if you are age 50 or older.


What are the IRA contribution limits for married couples in 2022?

For married couples in 2022, the IRA contribution limit is 12,000 per person, totaling 24,000 for both individuals.


What are the self-employed IRA contribution limits for individuals who are self-employed?

The self-employed IRA contribution limits for individuals who are self-employed are 6,000 for those under 50 years old and 7,000 for those 50 and older in 2021.