IRA contributions for 2010

Roth and Traditional IRA Contribution Limits (Combined Maximum) and AGI Phase out Ranges

IRA Contributions:

• $5,000 plus $1,000 catch-up if you are age 50 or over

Roth IRA - Contribution is reduced (phased out) if your modified adjusted gross income (AGI) is between:

• $167,000 - $177,000     Married Filing Joint or Qualifying Widow(er)
• $105,000 - $120,000      Single or Head of Household or Married Filing Separate(living apart all year)
• Less than $10,000        Married Filing Separate

Traditional IRA (if you are covered by a retirement plan at work) - Deduction for contribution is reduced (phased out) if your modified adjusted gross income (AGI) is between:

• $89,000 - $109,000      Married Filing Joint or Qualifying Widow(er)
• $56,000 - $66,000        Single or Head of Household
• Less than $10,000       Married Filing Separate

Traditional IRA (if  you are NOT covered by a retirement plan at work, but you either live with your spouse at any time during the year or file a joint return, and your spouse is covered by a retirement plan at work) - Deduction for contribution is reduced (phased out) if your modified adjusted gross income (AGI) is between:

• $167,000 - $177,000      Married Filing Joint

SEP IRA Contribution Limits

25% of your wages (or up to 20% of your Schedule C income) up to a maximum of $49,000. Contributions can be made up until your tax tax-filing deadline plus extensions.

SIMPLE IRA Contribution Limits

$11,500 for salary deferral plus $2,500 catch-up if you are 50, plus up to 3% of your salary matched by your employer