|
Download contribution form
IRA Contribution Limits
|
Traditional IRA Contribution Limits
|
|
Year
|
AGE 49 & BELOW
|
AGE 50 & ABOVE
|
|
2002-2004
|
$3,000
|
$3,500
|
|
2005
|
$4,000
|
$4,500
|
|
2006-2007
|
$4,000
|
$5,000
|
|
2008
|
$5,000
|
$6,000
|
|
2009
|
$5,000
|
$6,000
|
|
2010
|
$5,000
|
$6,000
|
|
Roth IRA Phase-Out Range & Limits
|
|
Year
|
Single
|
Married Filing Jointly
|
|
2005
|
$95,000 - $110,000
|
$150,000 - $160,000
|
|
2006
|
$95,000 - $110,000
|
$150,000 - $160,000
|
|
2007
|
$99,000 - $114,000
|
$156,000 - $166,000
|
|
2008
|
$101,000 - $116,000
|
$159,000 - $169,000
|
|
2009
|
$105,000 - $120,000
|
$166,000 - $176,000
|
|
2010
|
$105,000 - $120,000
Rollover limit removal
|
$167,000 - $177,000
Rollover limit removal
|
|
You can contribute to a Roth IRA if your income falls below the Roth limits. You're allowed a prorated contribution if your income falls within the "phase-out" range. If your income exceeds the income range you won't qualify for a Roth IRA contribution.
|
|
401k Contribution Limits
|
|
Year
|
AGE 49 & BELOW
|
AGE 50 & ABOVE
|
|
2005
|
$14,000
|
$18,000
|
|
2006
|
$15,000
|
$20,000
|
|
2007
|
$15,500
|
$20,500
|
|
2008
|
$15,500
|
$20,500
|
|
2009
|
$16,500
|
$22,000
|
|
2010
|
$16,500
|
$22,000
|
|
SEP IRA Limit
|
|
Year
|
Max Dollar
Allocation
|
Max Considered
Compensation
|
|
2005
|
$42,000
|
$210,000
|
|
2006
|
$44,000
|
$220,000
|
|
2007
|
$45,000
|
$225,000
|
|
2008
|
$46,000
|
$230,000
|
|
2009
|
$49,000 |
$245,000
|
|
2010
|
$49,000
|
$245,000
|
|
The maximum amount that can be contributed to a simplified employee pension (SEP) plan is 25% of an employee's compensation, which is capped at a maximum, per above.
|
Health Savings Accounts
Legal Alert: 2010 HSA Contribution Limits and HDHP Deductibles and Out-of-Pocket Maximums Released
The IRS has released the 2010 cost-of-living adjustments for Health Savings Account (HSA) contribution limits and for High Deductible Health Plan (HDHP) deductibles and out-of-pocket maximums.
HSA Contribution Limits
- Self-only: $3,050 (up from $3,000 for 2009)
- Family Coverage: $6,150 (up from $5,950 for 2009)
HDHP Deductibles and Out-of-Pocket Maximums
Self-only
- annual deductible: not less than $1,200 (up from $1,150 for 2009)
- out-of-pocket expenses: not more than $5,950 (up from $5,800 for 2009)
Family Coverage
- annual deductible: not less than $2,400 (up from $2,300 for 2009)
- out-of-pocket expenses: not more than $11,900 (up from $11,600 for 2009)
The annual catch-up contribution limit (for HSA-eligible individuals who are age 55 or older), set by statute, remains at $1,000 for 2010.
Finf our more about the Health Savings Account at the Department of Treasury Website
Coverdell ESA Accounts
When contributions considered made. Contributions made to a Coverdell ESA for the preceding tax year are considered to have been made on the last day of the preceding year. They must be made by the due date (not including extensions) for filing your return for the preceding year.
For example, if you make a contribution to a Coverdell ESA in February 2009, and you designate it as a contribution for 2008, you are considered to have made that contribution on December 31, 2008.
There are two yearly limits:
-
One on the total amount that can be contributed for each designated beneficiary in any year, and
-
One on the amount that any individual can contribute for any one designated beneficiary for a year.
Limit for each designated beneficiary. For 2008, the total of all contributions to all Coverdell ESAs set up for the benefit of any one designated beneficiary cannot be more than $2,000. This includes contributions (other than rollovers) to all the beneficiary's Coverdell ESAs from all sources. Rollovers are discussed under Rollovers and Other Transfers, later.
Table 7-2. Coverdell ESA Contributions at a Glance
|
Do not rely on this table alone. It provides only general highlights. See the text for more complete explanations.
IRS Publication 970
|
| Question |
Answer |
| Are contributions deductible? |
No. |
| Why should someone contribute to a Coverdell ESA? |
Earnings on the account grow tax free until distributed. |
| What is the annual contribution limit per designated beneficiary? |
$2,000 for each designated beneficiary. |
| What if more than one Coverdell ESA has been opened for the same designated beneficiary? |
The annual contribution limit is $2,000 for each beneficiary, no matter how many Coverdell ESAs are set up for that beneficiary. |
| What if more than one individual makes contributions for the same designated beneficiary? |
The annual contribution limit is $2,000 per beneficiary, no matter how many individuals contribute. |
| Can contributions other than cash be made to a Coverdell ESA? |
No. |
| When must contributions stop? |
No contributions can be made to a beneficiary's Coverdell ESA after he or she reaches age 18, unless the beneficiary is a special needs beneficiary. |
|
Get Started 
(866) 538-3539
