Comments on: 2008 IRA Contribution Limits

By: Tom

Tom — Wed, 04 Mar 2009 17:18:28 +0000

The pension plan on my w-2 is marked can I contribute to an IRA for 2008!

By: RJ Hogan

RJ Hogan — Sat, 17 Jan 2009 17:54:08 +0000

Can I still convert my IRA to a Roth IRA for tax year 2008?? I had expected a bonus that would have pushed me well over the $100K income limitation, but it will now be paid in January rather than December as planned so I am comfortably under the $100K limit for tax year 2008.

Thank you

By: nickel

nickel — Wed, 19 Mar 2008 00:04:48 +0000

Elaine: I have no idea what you’re talking about. $18,000? Where did you get that number?

By: Elaine Emery

Elaine Emery — Tue, 18 Mar 2008 22:09:19 +0000

Do you have to have over $18,000.00 worth of contributions before you can deduct them on income taxes?

By: Ebony

Ebony — Mon, 05 Nov 2007 02:49:14 +0000

My accountant told me last year that I’m not eligible to contribute to a Roth because I’m in a pension plan as well as a 401K – but I haven’t been able to find any documentation on it. Have you heard about this?

By: Rebecca Adams

Rebecca Adams — Sun, 04 Nov 2007 12:40:14 +0000

I am 48 years old and have not been able to save no where close to the amount I will need for retirement my median income is 32k, I want to contribute monthly to an IRA. yes, I have a 401k contributing $160. biweekly. but, I need to do more. any suggestions?

By: Aaron

Aaron — Wed, 10 Oct 2007 14:32:57 +0000

I’m glad that the IRA deposit allowances have gone up nicely in the past few years. Everyone under 50 years of age should be trying their hardest to hit that 5,000 mark in 2008 as IRA contributions certainly are a great investment.

By: thomas

thomas — Mon, 08 Oct 2007 05:18:18 +0000

time to go ahead and make some budget adjustments. That’s an increase of ~$84 a month for those that deposit monthly for 12 months. it’s even less if you do 15 (you have until April 15th of the following year to invest).

By: Jen

Jen — Sun, 07 Oct 2007 23:40:18 +0000

Deductibility goes away — but tax-deferred savings are good with or without the deductibility, assuming that you’re trying to maximize savings.

By: Compounding

Compounding — Fri, 05 Oct 2007 19:00:15 +0000

PaulD,

Yes, you can contribute to an IRA for a stay-at-home spouse. This is called a Spousal IRA. Check with your brokerage firm for details.

By: Bri

Bri — Fri, 05 Oct 2007 15:14:14 +0000

Do you know where to find information about the income phase outs for IRAs? I know I’m really close to the limit, but the info on the IRS web site is just too convoluted to understand. Is there a chart somewhere that says, your AGI 58,000 = IRA deductibility $2500; 59,000 = $2000,etc? Or is it time I hired an accountant?

By: PaulD

PaulD — Fri, 05 Oct 2007 10:55:02 +0000

A quick question: My wife is a stay-at-home mom who does not have earned income. We are both over 50. Can I contribute the full 5k to her account? or is the limit lower in this situation? Thanks