2008 IRA Contribution Limits
For General Information
Traditional IRA Maximum Annual Contribution must be under age 70 ½
Under age 50 Lesser of earned income or $5,000
Age 50 and Older Lesser of earned income or $6,000
Up to a $5,000 contribution can also be made for nonworking spouse
Traditional IRA Deductibility Rule
Tax Filing Status Covered by Modified Adjusted Deductibility
Employer’s Gross Income
Retirement Plan
No Any Amount Full
Single $53,000 or less Full
Yes $53,001 - $63,000 Partial
$63,001 or more No Deduction
Neither Spouse Any Amount Full
Covered
Both Spouses $85,000 or less Full
Married Filing Covered $85,001 - $105,000 Partial
Jointly $105,001 or more No Deduction
One Spouse $85,000 or less Full
Covered: For $85,001 - $105,000 Partial
Covered Spouse $105,001 or more No Deduction
One Spouse $159,000 or less Full
Covered: For Non- $159,001 - $169,000 Partial
Covered Spouse $169,001 or more No Deduction
Roth IRA
Under Age 50 Lesser of earned income or $5,000
Age 50 and Older Lesser of earned income or $6,000
Roth IRA Full Contribution Eligibility:
Gross Income not more than $101,000 for taxpayers filing singly
Gross Income not more than $159,000 for taxpayers filing jointly
Roth IRA contributions are NOT tax deductible
This information is not meant as tax or legal advice. Consult your tax advisor for your eligibility.