How much can you contribute to an IRA or ROTH IRA for the 2010 calendar year?
- $5,000 for those age 49 and under.
- $6,000 for those age 50 and older.
Earned Income Rules and Limits For 2010 Traditional IRA Contributions
You must have earned income to make an IRA contribution. The amount of earned income you have must equal or exceed the amount of your IRA contribution.
- If you have enough earned income, you may also make an IRA contribution for a non-working spouse.
2010 IRA Contribution Deadline
You have until April 15th of 2011 to make your 2010 IRA contribution.
2010 Traditional IRA Contribution Rules And Limits When You Also Have A Company Sponsored Retirement Plan
If you participate in a company sponsored retirement plan, your IRA contribution may not be deductible.
- For single filers who have a company sponsored retirement plan in 2010 the deduction is phased out between $56,000 and $66,000 of adjusted gross income.
- For married filers who have a company plan in 2010 the deduction is phased out between $89,000 and $109,000 of adjusted gross income.
- For married filers where one spouse who has a company sponsored plan, in 2010 the deduction for your non-working spouse is phased out between $167,000 and $177,000 of adjusted gross income.
Non Deductible IRA Contributions
Even if your IRA contribution is not deductible you can still make the contribution. It is called a non-deductible IRA contribution, and the funds inside will grow tax deferred, until such time as you take a withdrawal.
See 2010 ROTH IRA Rules for earned income limits for 2010 ROTH IRA contributions.
