1. Business & Finance
About.com
Money Over 55

Discuss in my forum

2008 ROTH IRA Rules And Contribution Limits

2008 ROTH IRA Earned Income Limitations

By , About.com Guide

See More About:

How much can you contribute to an IRA or ROTH IRA for the 2008 calendar year?

  • $5,000 for those age 49 and under
  • $6,000 for those age 50 and older

Earned Income Rules And Limits For 2008 ROTH IRA Contributions

You must have earned income to make a ROTH IRA contribution.

  • If you have enough earned income, you may also make a ROTH IRA contribution for a non-working spouse.
  • If you have too much earned income then you are not eligible to make a ROTH IRA contribution.

Too Much Income To Make A 2008 ROTH IRA Contribution

  • For 2008 single filers, your ability to contribute to a ROTH IRA is phased out as your adjusted income reaches the range of $101,000, to $116,000.
  • For 2008 married filing jointly, your ability to contribute to a ROTH IRA is phased out as your adjusted income reaches the range of $159,000, to $169,000.

    • ©2012 About.com. All rights reserved.

    A part of The New York Times Company.