Have you wanted to contribute to your Roth IRA but your income limit prevented you? If you barely missed the cut last year, there is good news. The IRS was gracious enough to increase the phaseout limits for the Roth IRA for 2009. Does that excite you? If not, it definitely should. Before we look at the new phaseout limits, let’s look at the contribution amounts for 2009.
Roth IRA Contribution Still The Same
For 2009, the contribution limits did not increase for the Roth IRA. You are eligible to contribute $5000 into a Roth IRA, $6000 if you are over the age of 50, including the $1000 catch up contribution. Most likely the limits will increase in 2010, so stay tuned. Now let’s look at the IRA Phase Out tables:
If this article was helpful, you may also want to check out these posts as well: 7 Things To Know About The 2010 Roth IRA Conversion, 7 Things to Know About Roth IRA for 2009, 2009 401k Contribution Limits Have Increased, 7 Questions To Ask Your Financial Planner.
