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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.

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12y ago

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Related Questions

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Maximum yearly contribution roth IRA for 2008?

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 compensationand your filing status is ... AND your modified AGI is ... THEN ... married filing jointly orqualifying 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 $156,000but 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 andyou lived with your spouse at anytime 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 andyou did not live with your spouseat 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 $99,000but 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.