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IRA Contribution Limits and Catch Up Provisions

IRA Contribution Limits

Below is a chart that displays the maximum benefit and contribution limits for 2007 - 2008, as published by the Internal Revenue Service.

Establish a self-directed IRA or 401(k), invest in real estate and continue to contribute to your retirement plan. What are this year's contribution limits? See below:

Roth and Traditional IRA Contribution Limits

2007 - $4,000 plus $1,000 catch-up if you are age 50 or over. (See Internal Revenue Service Publication 590 for more information.)

2008 - $5,000 plus $1,000 catch-up if you are age 50 or over. (See Internal Revenue Service Publication 590 for more information.)

Traditional IRA Contribution Limits and

Roth IRA Contribution Limits

2007

2008

Up to age 50

$4,000

$5,000

Catch Up Provision Age 50+

$5,000

$6,000

Roth IRA Contribution Modified Adjusted Gross Income Phase Out Ranges

Roth IRA Contribution

MAGI Phase-Out Ranges

2007

2008

Single Individuals

$99,000 - $114,000

$101,000 - $116,000

Married filing a joint income tax return

$156,000 - $166,000

$159,000 - $169,000

Married filing separate tax returns

$0 - $10,000

$0 - $10,000


Traditional IRA Deductibility Modified Adjusted Gross Income Limit

Traditional IRA Deductibility

MAGI Limit

2007

2008

Single - Active Participant

$52,000 - $62,000

53,000 - $63,000

Married active participant filing joint

$83,000 - $103,000

$85,000 - $105,000

Married active participant filing separate

$0 - $10,000

$0 - $10,000

Spouse of an active participant

$156,000 - $166,000

$159,000 - $169,000

SEP IRA Contribution Limits

2007 - 25% of your wages (or up to 20% of your Schedule C income) up to a maximum of $45,000. Contributions can be made for 2007 up until your tax tax-filing deadline plus extensions. (See Internal Revenue Service Publication 560 for more information.)

2008- 25% of your wages (or up to 20% of your Schedule C income) up to a maximum of $46,000. Contributions can be made for 2008 up until your tax tax-filing deadline plus extensions. (See Internal Revenue Service Publication 560 for more information.)

SEP Contribution Limits

2007

2008

SEP Contribution Limits


$45,000*

$46,000*

SIMPLE IRA Contribution Limits

2007 - $10,500 for salary deferral plus $2,500 catch-up if you are 50, plus up to 3% of your salary matched by your employer (See Internal Revenue Service Publication 560 for more information.)

2008 - $10,500 for salary deferral plus $2,500 catch-up if you are 50, plus up to 3% of your salary matched by your employer (See Internal Revenue Service Publication 560 for more information.)

SIMPLE IRA Contribution Limits

SIMPLE 401(k) Contribution Limits

2007

2008

Up to age 50

$10,500*

$10,500*

Catch Up Provision Age 50+

$13,000*

$13,000*

Profit Sharing/401(k) Contribution Limits and Roth 401(k) Contribution Limits

2007 - $15,500 in salary deferral plus catch-up deferral of $5,000 if you are 50 or over plus 25% of your wages (or 20% of your Schedule C income) up to a maximum of $45,000. Salary deferral contributions for the self-employed (in addition to the employer profit sharing contributions) can be made if the tax return has been extended up until your tax-filing deadline for 2007.

2008 - $15,500 in salary deferral plus catch-up deferral of $5,000 if you are 50 or over plus 25% of your wages (or 20% of your Schedule C income) up to a maximum of $46,000. Salary deferral contributions for the self-employed (in addition to the employer profit sharing contributions) can be made if the tax return has been extended up until your tax-filing deadline for 2007.

Profit Sharing/401(k) Contribution Limits

Roth 401(k) Contribution Limits

2007

2008

Up to age 50

$45,000

$46,000

Catch Up Provision Age 50

$50,000

 

$51,000

 

Coverdell ESA Contribution Limits

Up to $2,000 per year can be contributed into a Coverdell Education Savings Account until the child is age 18, unless the child is special needs. (See Internal Revenue Service Publication 970 for more information.

Coverdell ESA Contribution Limits

2007

2008

Per year until the child is age 18, unless the

child is special needs

$2,000*

$2,000*

Health Savings Account Contribution Limits

2007 - $2,850 for individual coverage and $5,650 for family coverage plus $800 catch-up if you are over age 55. (See Internal Revenue Service Publication 969 for more information.)
2008 - $2,900 for individual coverage and $5,800 for family coverage plus $800 catch-up if you are over age 55. (See Internal Revenue Service Publication 969 for more information.)

Health Savings Accounts

2007

2008

Definition of High Deductible Health Plans - Deductibles/Out of Pocket Limits

Single Coverage - Minimum/Maximum

$1,100/$5,500

$1,100/$5,600

Family Coverage - Minimum/Maximum

$2,200/$11,000

$2,200/$11,200

Health Savings Account Contribution Limits

Single Coverage

$2,850

$2,900

Family Coverage

$5,650

$5,800











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