For TRADITIONAL IRAs (not Roth IRAs), the maximum one can deposit into thier IRA is US$4,000.00 during year 2007 (exceptions for those over 50).
Does anyone know what the maximum will be for year 2008 for TRADITIONAL IRAs? I have "heard" but not seen the law that might raise the deposit to US$5,000.00.
I have already read the IRS' website but no info is available there on this subject for 2008 (yet).
Please, can anyone direct me to a source that might be able to answer my question?
Intelligent answers only. Thanks.
2007-09-06 07:16:57 · 3 answers · asked by Terry E 4 in Business & Finance ➔ Taxes ➔ United States
For 2008 the contribution limit is $5,000, and $6,000 if you are age 50 and over.
After 2008, the contribution limit will raise in increments of $500 depending upon the level of inflation.
2007-09-06 07:41:22 · answer #1 · answered by Anonymous · 2⤊ 0⤋
for 2008 the max is indeed $5000 and additionally if you are over the age of 50 you can contribute an additional i believe $1000 as a "catch up" contribution
2007-09-06 07:25:58 · answer #2 · answered by lidlwig 2 · 1⤊ 0⤋
I believe that it is $5000.
That's the number that I am planning for anyway for my Roths.
2007-09-06 07:39:23 · answer #3 · answered by Wayne Z 7 · 0⤊ 0⤋