2008 IRA contribution limits
Q: What were contribution limits for regular IRA in 2008? What about catch-up contribution limits?
A: Standard contribution limit to a traditional IRA in 2008, according to IRS, was and still is $5,000. You can be making your 2008 IRA contribution limit up until April 15, 2009, that is, you don't have to put the entire $5,000 at the same time. Even if you don't have your IRA opened yet, and decide to decrease your income tax, you have until the April 2009 deadline to open an Individual Retirement Account and still claim a deduction on your 2008 tax return.
As far as a catch-up contribution limit, you must be 50 years or older at the end of the year 2008. Then you are eligible to make an extra $1,000 contribution for a total of $6,000 as a 2008 IRA catch up contribution.
Thu Jan 22, 2009 03:01PM by Tony | More in Personal Finance | Comments (0)
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