IRA Notes
I just spent a bit of time reading about IRAs. The hardest question to answer is whether or not your tax liability will be higher now or at retirement.
http://www.investopedia.com/articles/retirement/03/012203.asp
| Single or Head of Household | Individual is not active | No limit | Full deduction |
| Individual is active | $53,000 or less | Full deduction | |
| More than $53,000 but less than $63,000 | Partial deduction | ||
| $63,000 or more | No deduction |
| Tax Year | Regular Contribution Limit | - | Tax Year | Additional Catch-Up Contribution Limit |
| 2007 | $4,000 | 2007 | $1,000 | |
| 2008 | $5,000 | 2008 | $1,000 | |
| 2009 and beyond | $5,000 | 2009 and beyond | $1,000 |
The 2009 contribution limit is $5,000. It appears you also have to have AGI of less than 53,000 (if an active participant) to be eligible for the full tax deduction. I need to look into what kind of fees I’m paying on my old 401k and whether or not I should investigate rolling over into a new plan.
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- Published:
- 12.24.09 / 12pm
- Category:
- Finances
- Tags:
- taxes ira retirement
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