G.R. Starbuck & Co., PA
Leawood Executive Centre I
4601 College Boulevard
Suite 160
Leawood, KS 66211
Email: info@grstarbuck.com
Telephone:
913.451.8777
800.366.6016
Fax:
913.451.8992 |
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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:
- $159,000 - $169,000 Married Filing Joint or Qualifying Widow(er)
- $101,000 - $116,000 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:
- $85,000 - $105,000 Married Filing Joint or Qualifying Widow(er)
- $53,000 - $63,000 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:
- $159,000 - $169,000 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 $46,000. Contributions can be made for 2008 up until your tax tax-filing deadline plus extensions.
SIMPLE IRA Contribution Limits
$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
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