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2010/2011 IRA Contribution Basics

It’s tax time, which means an annual contribution to your IRA is due. Do you know what the 2010 maximum contribution limit is for your plan as outlined by the IRS? If not, our pre-recorded webinar is for you. Listen to Entrust Group expert Buddy Sliva as he gets down to basics on IRA contributions for 2010/2011.

Need help now? Get answers with our FAQ sheet or explore our helpful 2010/2011 Contribution Limits Chart below where you'll find traditional and Roth IRA contribution limits, catch-up contributions, IRA rules, and more, according to the Internal Revenue Service.

 

Contribution Limits for 2010-2011 

Traditional IRA Contribution Limits and

Roth IRA Contribution Limits

2010/2011

Up to age 50

$5,000

Catch-Up Contributions Age 50+

$1,000

Total Contribution if Over the Age 50+

 $6,000

 You can contribute up to 100% of your compensation

or a maximum of $5,000 ($6,000 if 50 and over).

Roth IRA Modified Adjusted Gross Income (MAGI) Phase-Out Ranges

Roth IRA Contribution Limits

MAGI Phase-Out Ranges

2010

 2011

Single Individuals

$105,000 - $120,000

 $107,000 - $122,000

Married, Filing a Joint Tax Return

$167,000 - $177,000

 $169,000 - $179,000

Married, Filing Separate Tax Returns

$0 - $10,000

 $0 - $10,000

Traditional IRA Modified Adjusted Gross Income Limits

Traditional IRA Modified Adjusted Gross Income Limits

2010

 2011

Single Active Participant

$56,000 - $66,000

 $56,000 - $66,000

Married Active Participant, Filing Joint Tax Return

$89,000 - $109,000

  $90,000 - $110,000

Married Active Participant, Filing Separate Tax Return

$0 - $10,000

 $0 - $10,000

Spouse of an Active Participant

$167,000 - $177,000

 $169,000 - $179,000

SEP IRA Contribution Limits

SEP IRA Contribution Limits

2010/2011

SEP Employer Contribution Limits

Up to 25% of compensation, with a maximum of $49,000*

SIMPLE IRA Contribution Limits and Catch-Up Contributions

SIMPLE IRA Contribution Limits

SIMPLE 401(k) Contribution Limits

2010/2011

Employee Elective Deferrals

Up to $11,500

Catch-Up Elective Deferral Contribution Age 50+

$2,500*

 Your employer can elect from two different contribution methods.  Check with your employer which option they have chosen.  Employer contributions are in addition to your elective deferrals.

Individual (k) Plan and Individual Roth IRA Contributions Limits and Catch-Up Contributions

Individual (k) Plan and Individual Roth IRA

2010/2011

Employer Contributions

Up to $49,000

 Employee Elective Deferrals

 Up to $16,500

Catch-Up Elective Deferral Contribution Age 50+

 Up to $5,500

 The employer can contribute up to 25% of your compensation up to a maximum of $49,000.  Employer contributions and employee elective deferrals in aggregate may not exceed $49,000. Compensation limits and deductibility apply so contact your employer for further information.

Coverdell ESA Contribution Limits 

Coverdell ESA Contribution Limits

2010/2011

Per year until the child is age 18, unless the

child has special needs.

$2,000*

Health Savings Account Contribution Limits and Catch-Up Contribution

Health Savings Accounts

2010

2011

High Deductible Health Plans - Deductibles/Out of Pocket Limits

Single Coverage - Minimum/Maximum

$1,200/$5,950

$1,200/$5,950

Family Coverage - Minimum/Maximum

$2,400/$11,900

$2,400/$11,900

Health Savings Account Contribution Limits

Single Coverage

$3,050

$3,050

Family Coverage

$6,150

$6,150

Plus $1,000 catch-up contribution if you are age 55+.


The Entrust Group does not offer investment, tax, financial or legal advice to clients. Individuals who believe they need advice should consult with qualified professional(s) licensed in that area. This section of our website is devoted to providing clients and potential client with educational information. It is in no way intended as tax advice.

 

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