Traditional and Roth IRA Contribution Limits and Deadlines

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Continually updated contribution limits for Traditional IRA and Roth IRA including tax years 2008, 2009, 2010, and 2011.

After discovering your contribution limits and deadlines I recommend filing your taxes with TurboTax Online - that’s what I do and I’m a small business owner.

Tax YearUnder Age 50Over Age 50Contribution DeadlineOpen an IRA
2011$5,000$6,000April 17th, 2012Lending ClubBetterment
2010$5,000$6,000April 18th, 2011Lending ClubBetterment
2009$5,000$6,000April 15th, 2010Lending ClubBetterment
2008$5,000$6,000April 15th, 2009Lending ClubBetterment

Follow this link for information on SEP IRA contribution limits.

2011 IRA Contribution Limits

According to the IRS, maximum IRA contributions for 2010 are the same for both a Traditional IRA and Roth IRA.  You can also split your contributions among both Roth and Traditional, but your combined contribution amounts are subject to these same limits. The limits do not apply to rollover contributions.

Under 50 years old at the end of 2011:

  • Traditional IRA contribution limits = $5,000
  • Roth IRA contribution limits = $5,000
  • Combined IRA contribution limits = $5,000

Over 50 years old as the end of 2011:

  • Traditional IRA contribution limits = $6,000
  • Roth IRA contribution limits = $6,000
  • Combined IRA contribution limits = $6,000

The limits as they pertain to you are always the smaller of the numbers given or your taxable compensation.  In other words your IRA contribution limits will be the numbers given below unless your 2011 taxable compensation was less than the number given under each circumstance.

Modified AGI rules for 2011

The IRS also says that your IRA contribution limits may be reduced depending upon your modified adjusted gross income (modified AGI).

For 2011 Roth IRA contributions this MAGI phase out range is $110,000 – $125,000 for single filers and $173,000 – $183,000 for married filing jointly.  Basically if your income falls under these amounts your IRA contribution limits will be reduced accordingly.

For 2011 Traditional IRA contributions your MAGI affects your limits on tax deductibility according to you or your spouses participation in employer retirement plans.

  • If neither you nor your spouse participate in an employer retirement plan your contributions are fully tax deductible.
  • If you participate in an employer retirement plan the MAGI phase out range is $58,000 – $68,000 for single filers and $92,000 – $112,000 for married filing jointly.
  • If only your spouse is in an employer retirement plan the MAGI phase out range is $173,000 – $183,000 for married filing jointly.

2011 IRA Contribution Deadlines are April 17th, 2012.

I recommend filing your taxes with TurboTax Online and highly recommend using either Lending Club or Betterment to house your IRA.

2010 IRA Contribution Limits

According to the IRS, maximum IRA contributions for 2010 are the same for both a Traditional IRA and Roth IRA.  You can also split your contributions among both Roth and Traditional, but your combined contribution amounts are subject to these same limits. The limits do not apply to rollover contributions.

Under 50 years old at the end of 2010:

  • Traditional IRA contribution limits = $5,000
  • Roth IRA contribution limits = $5,000
  • Combined IRA contribution limits = $5,000

Over 50 years old as the end of 2010:

  • Traditional IRA contribution limits = $6,000
  • Roth IRA contribution limits = $6,000
  • Combined IRA contribution limits = $6,000

The limits as they pertain to you are always the smaller of the numbers given or your taxable compensation.  In other words your IRA contribution limits will be the numbers given below unless your 2010 taxable compensation was less than the number given under each circumstance.

Modified AGI rules for 2010

The IRS also says that your IRA contribution limits may be reduced depending upon your modified adjusted gross income (modified AGI).

For 2010 Roth IRA contributions this MAGI phase out range is $107,000 – $122,000 for single filers and $169,000 – $179,000 for married filing jointly.  Basically if your income falls under these amounts your IRA contribution limits will be reduced accordingly.

For 2010 Traditional IRA contributions your MAGI affects your limits on tax deductibility according to you or your spouses participation in employer retirement plans.

  • If neither you nor your spouse participate in an employer retirement plan your contributions are fully tax deductible.
  • If you participate in an employer retirement plan the MAGI phase out range is $56,000 – $66,000 for single filers and $90,000 – $110,000 for married filing jointly.
  • If only your spouse is in an employer retirement plan the MAGI phase out range is $169,000 – $179,000 for married filing jointly.

2010 IRA Contribution Deadlines are April 18th, 2011.

IRA Contribution Limits for 2009

According to the IRS, maximum IRA contributions for 2009 are the same for both a Traditional IRA and Roth IRA.  You can also split your contributions among both Roth and Traditional, but your combined contribution amounts are subject to these same limits. The limits do not apply to rollover contributions.

Under 50 years old at the end of 2009:

  • Traditional IRA contribution limits = $5,000
  • Roth IRA contribution limits = $5,000
  • Combined IRA contribution limits = $5,000

Over 50 years old as the end of 2009:

  • Traditional IRA contribution limits = $6,000
  • Roth IRA contribution limits = $6,000
  • Combined IRA contribution limits = $6,000

The limits as they pertain to you are always the smaller of the numbers given or your taxable compensation.  In other words your IRA contribution limits will be the numbers given below unless your 2009 taxable compensation was less than the number given under each circumstance.

Modified AGI rules for 2009

The IRS also says that your IRA contribution limits may be reduced depending upon your modified adjusted gross income (modified AGI).

For 2009 Roth IRA contributions this MAGI phase out range is $105,000 – $120,000 for single filers and $167,000 – $177,000 for married filing jointly.  Basically if your income falls under these amounts your IRA contribution limits will be reduced accordingly.

For 2009 Traditional IRA contributions your MAGI affects your limits on tax deductibility according to you or your spouses participation in employer retirement plans.

  • If neither you nor your spouse participate in an employer retirement plan your contributions are fully tax deductible.
  • If you participate in an employer retirement plan the MAGI phase out range is $56,000 – $66,000 for single filers and $89,000 – $109,000 for married filing jointly.
  • If only your spouse is in an employer retirement plan the MAGI phase out range is $167,000 – $177,000 for married filing jointly.

2009 IRA Contribution Deadlines are April 15th, 2010.

IRA Contribution Limits for 2008

According to the IRS, maximum IRA contributions for 2008 are the same for both a Traditional IRA and Roth IRA.  You can also split your contributions among both Roth and Traditional, but your combined contribution amounts are subject to these same limits. The limits do not apply to rollover contributions.

Under 50 years old at the end of 2008:

  • Traditional IRA contribution limits = $5,000
  • Roth IRA contribution limits = $5,000
  • Combined IRA contribution limits = $5,000

Over 50 years old as the end of 2008:

  • Traditional IRA contribution limits = $6,000
  • Roth IRA contribution limits = $6,000
  • Combined IRA contribution limits = $6,000

The limits as they pertain to you are always the smaller of the numbers given or your taxable compensation.  In other words your IRA contribution limits will be the numbers given below unless your 2008 taxable compensation was less than the number given under each circumstance.

Modified AGI rules for 2008

The IRS also says that your IRA contribution limits may be reduced depending upon your modified adjusted gross income (modified AGI).

For 2008 Roth IRA contributions this MAGI phase out range is $105,000 – $120,000 for single filers and $166,000 – $176,000 for married filing jointly.  Basically if your income falls under these amounts your IRA contribution limits will be reduced accordingly.

For 2008 Traditional IRA contributions your MAGI affects your limits on tax deductibility according to you or your spouses participation in employer retirement plans.

  • If neither you nor your spouse participate in an employer retirement plan your contributions are fully tax deductible.
  • If you participate in an employer retirement plan the MAGI phase out range is $55,000 – $65,000 for single filers and $89,000 – $109,000 for married filing jointly.
  • If only your spouse is in an employer retirement plan the MAGI phase out range is $166,000 – $176,000 for married filing jointly.

2008 IRA Contribution Deadlines are April 15th, 2009.

Traditional IRA and Roth IRA Deadlines

As I have touched on in previous articles, if you have not contributed to your 2009 IRA, no need to panic… the IRA deadline is not until tax day – but the sooner you contribute the sooner you can get your taxes done:-)

  • IRA deadline for 2008 contributions is April 15th, 2009.
  • IRA deadline for 2009 contributions is April 15th, 2010.
  • IRA deadline for 2010 contributions is April 18th, 2011.
  • IRA deadline for 2011 contributions is April 17th, 2012.

I recommend filing your taxes with TurboTax Online and highly recommend using either Lending Club or Betterment to house your IRA.

Note: I am not a tax professional. Consult IRS Publication 590 and/or your tax professional for details.



Betterment is one of my two favorite ways to earn interest on my savings! They have an awesome program for the Average Joe to save and invest simply and effectively. There are no minimum balance requirements and no transaction fees. Read my Betterment Review or open an account to get started earning now.

1 Craig

I am very proud of myself for taking your advice and that of others to finally start a roth IRA at the age of 24 and was able to fully max it out this year. Hopefully I can do so next year as well but may be a struggle.

2 Matt Jabs

Excellent Craig. You stand to reap the rewards of this decision every year going forward. In the years to come compound interest will be your very dear friend. :-)

3 Paul @ FiscalGeek

That’s killing it Craig, sooooo wish I had done the same.

4 Craig

@Paul Thanks, but just getting started and to be fully honest with you a lot of that was with an unexpected cash gift from the grandma which helped a lot

5 Andy

A very thorough explanation. It’s sad that more people don’t take advantage of these plans, Particularly Roth IRA’s, with their post-retirement tax benefits. But thinking 30 years out is not always the easiest thing to do.

6 Jenna

Thanks for the information. Hopefully maxing out on April 1st – give me some time to finalize my taxes before the big due date.

7 Matt Jabs

Good to hear Jenna.

8 Jonathan Elder

Thanks Matt! I’m definitely maxing out my Roth this year. I started one when I was 22 and plan on maxing it out until I retire. I’m struggling to get my 401k maxed however :( On a side note, I mentioned a Roth-Ira at work today and got nothing but blank stares, how sad is that. I sincerely feel bad for people who are relying on social security for retirement!

9 Matt Jabs

Sadly, many people simply aren’t in the position to contribute… even if they wanted to. That’s why we have to keep writing and spreading the word!

10 Jason L

Matt,
Nice breakdown of IRA contribution limits. Also read your writeup of TurboTax… very helpful. Do you have any recommendations for those of us who operate a small business as well? Mine should be pretty simple (just a general partnership), but I’m wondering where you recommend people drawing the line between doing it themselves with TurboTax, and hiring an accountant.

11 Matt Jabs

Hi Jason,

Great question. I also operate a small business and still use TurboTax Online to file my taxes. I recently graduated my business to an LLC and will continue to use TurboTax because it scales beautifully. I can’t imagine you needing an accountant unless you feel you’re in over your head. TurboTax has always walked me through every possible deduction no matter my tax situation, so I’m confident you’ll have the same experience.

12 Jason L

Thanks for the comment Matt… will be sure to buy TurboTax via your link sometime this week. It’s interesting that you’re using it for an LLC though. I think that with all of the various items you need to remember with an LLC, it’s probably enough that would scare me toward using an accountant. Glad to hear that it’s an option that’s available, and that somebody (e.g. you) can vouch for.

13 Matt Jabs

My pleasure Jason. TurboTax is definitely all you need to do LLC taxes, and they actually recommend different types of their product if you have an LLC as a sole proprietorship versus and LLC taxed as a Corp.

Choose TurboTax Home & Business if you have a single-member LLC that is treated as a sole proprietorship. If you own an interest in a multiple-member LLC (or a partnership, S corporation or C corporation), choose TurboTax Business.

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