Idea Snippets » taxes ira retirement http://www.blog.alexabreu.com Thu, 24 Dec 2009 18:04:33 +0000 http://wordpress.org/?v=2.9.1 en hourly 1 IRA Notes http://www.blog.alexabreu.com/2009/12/24/ira-notes/ http://www.blog.alexabreu.com/2009/12/24/ira-notes/#comments Thu, 24 Dec 2009 17:58:56 +0000 alex.abreu http://www.blog.alexabreu.com/2009/12/24/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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