How much can you contribute to an IRA or ROTH IRA for the 2009 calendar year?
- $5,000 for those age 49 and under.
- $6,000 for those age 50 and older.
Earned Income Rules and Limits For 2009 Traditional IRA Contributions
You must have earned income to make an IRA contribution.
- If you have enough earned income, you may also make an IRA contribution for a non-working spouse.
- If you have too much earned income, the contribution for your non-working spouse may not be deductible. (For 2009 the deduction is phased out between $166,000 and $176,000 of adjusted gross income for married filing jointly.)
2009 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 2009 the deduction is phased out between $55,000 and $65,000 of adjusted gross income for single filers.
- For 2009 the deduction is phased out between $89,000 and $109,000 of adjusted gross income for married filing jointly.
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 2009 ROTH IRA Rules for earned income limits for 2009 ROTH IRA contributions.
