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IRA contributions 2009
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2009 IRA and 401k Rules

What are the contribution limits for IRAs in 2009?

If you’re under 50, the maximum you can contribute to your IRA is $5,000—or up to your taxable compensation for the year.

If you’re 50 or older, you are allowed to contribute an extra $1,000, so your limit would be $6,000.

Roth IRAs

For Roth IRAs, the limits are the same, but there are limits depending on your income. Those rules are particularly complex, but you should ask your tax accountant or check the IRS website, (www.irs.gov). To make the search easier, you can type 17 in the search box at the top of the page.

401(k) limits

For 2009, the maximum contribution for a 401k is $16,500 for those under 50 and $22,000 for those 50 and older. That’s an increase of $1,000 over 2008 contribution limits.

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