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2009 ROTH IRA Rules And Earned Income Limits

2009 ROTH IRA Earned Income Limitations

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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 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 2009 ROTH IRA Contribution

  • For single filers, your ability to contribute to a ROTH IRA is phased out as your adjusted income reaches the range of $105,000, to $120,000.
  • For married filing jointly, your ability to contribute to a ROTH IRA is phased out as your adjusted income reaches the range of $166,000, to $176,000.

    If you are eligible to make a ROTH IRA contribution based on the rules above, then you can contribute to a ROTH IRA in addition to your company sponsored retirement plan.

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