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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:
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 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 DeductibilityMAGI 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 |
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* |
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* |
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
|
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* |
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 |
Attend seminars, workshops and classes on self-directed IRAs in your area.
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