Roth & Traditional IRA Contribution Limits
| IRA CONTRIBUTION LIMITS | ||
| YEAR | AGE 49 & BELOW | AGE 50 & ABOVE |
| 2010 | $5,000 | $6,000 |
| 2009 | $5,000 | $6,000 |
| 2008 | $5,000 | $6,000 |
| 2007 | $4,000 | $5,000 |
| 2006 | $4,000 | $5,000 |
| 2005 | $4,000 | $4,500 |
| 2002-2004 | $3,000 | $3,500 |
| 1998-2001 | $2,000 | $2,000 |
2010 Combined Traditional and Roth IRA Contribution Limits
I do my best to keep this up to date, but PLEASE check w/ IRS.gov to make sure 100%. I am no professional ;) Here’s what the IRS states for 2010:
If you are under 50 years of age at the end of 2010: The maximum contribution that you can make to a traditional or Roth IRA is the smaller of $5,000 or the amount of your taxable compensation for 2010. This limit can be split between a traditional and a Roth IRA but the combined limit is $5,000. The maximum contribution to a Roth IRA and the maximum deductible contribution to a traditional IRA may be reduced depending upon your modified adjusted gross income (modified AGI).
If you are 50 years of age or older before 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 2010. This limit can be split between a traditional and a Roth IRA but the combined limit is $6,000. The maximum contribution to a Roth IRA and the maximum deductible contribution to a traditional IRA may be reduced depending upon your modified AGI.
(See Publication 590, Individual Retirement Arrangements (IRAs), for additional information.)
{ 2 comments… read them below or add one }
I this tough economy, if you had $5000 to invest for the long term how would you choose to do it? What would Warren Buffet do?
Funny you should mention that ;) I just invested $5,000 in my Roth w/ help from Buffett! (Although I don’t recommend this for everyone):
http://www.budgetsaresexy.com/2010/07/warren-buffett-helped-me-max-out-my-roth-ira/