You Have Limits on IRA Contributions
After 2001, IRA contributions are no longer limited to
$2,000 as they have been for so many years in the past.
In addition,
taxpayers age 50 and older are allowed to make "catch-up" contributions
allowing them larger contributions in their later years
to fund their approaching retirement needs. The table below
illustrates the annual contribution limit applicable to
each
year by age.
Year |
Contribution
Limits |
Under Age 50 |
Age 50 and Over |
Through 2001 |
$2,000 |
$2,000 |
2002-2004 |
$3,000 |
$3,500 |
2005 |
$4,000 |
$4,500 |
2006-2007 |
$4,000 |
$5,000 |
2008 |
$5,000 |
$6,000 |
2009 and beyond |
Adjusted for inflation |
Conventional
IRAs ROTH
IRAs DEEMED
IRAs
Participation
in Other Retirement Plans
Contribution
Limits Education
IRA
|
