Maximum Annual Contribution Limits
Traditional and Roth IRAs
| Type of Contribution |
2007 |
2008 |
| Regular |
$4,000 |
$5,000 |
| Catch-Up* |
$1,000 |
$1,000 |
| * Only applies for taxpayers age 50 and over |
Traditional IRA Deductibility Rules
| Filing Status |
Covered by Employer's Retirement Plan |
Modified AGI |
Deductibility |
| 2007 |
2008 |
| Single |
No |
Any Amount |
Any Amount |
Full Deduction |
| Yes |
$51,999 or less |
$52,999 or less |
Full Deduction |
| $52,000 - $61,999 |
$53,000 - $62,999 |
Partial Deduction |
| $62,000 or more |
$63,000 or more |
No Deduction |
| Married Filing Jointly |
Neither Spouse Covered |
Any Amount |
Any Amount |
Full Deduction |
| Both Spouses Covered |
$82,999 or less |
$84,999 or less |
Full Deduction |
| $83,000 - $102,999 |
$85,000 - $104,999 |
Partial Deduction |
| $103,000 or more |
$105,000 or more |
No Deduction |
| One Spouse Covered - For Covered Spouse |
$82,999 or less |
$84,999 or less |
Full Deduction |
| $83,000 - $102,999 |
$85,000 -$104,999 |
Partial Deduction |
| $103,000 or more |
$105,000 or more |
No Deduction |
| One Spouse Covered - For Non-Covered Spouse |
$155,999 or less |
$158,999 or less |
Full Deduction |
| $156,000 - $165,999 |
$159,000 - $168,999 |
Partial Deduction |
| $166,000 or more |
$169,000 or more |
No Deduction |
The above data is for information purposes only. It does not constitute tax advice.
Always consult with your tax advisor before making contributions to any retirement plan.
