Here you will find 2009, 2010, and continually updated Roth IRA contribution limits and Traditional IRA contribution limits.
This information will be brought up-to-date for each subsequent tax and contribution year.
Once you determine how much to contribute and when to contribute by, you will want to focus on where to house your IRA.
IRA Contribution Limits for 2010
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.
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 2010 taxable compensation was less than the number given under each circumstance.
Modified AGI
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 $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 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 $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.
IRA Contribution Deadlines
Scroll to the bottom of this article for up-to-date information on IRA contribution deadlines.
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.
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 2009 taxable compensation was less than the number given under each circumstance.
Modified AGI
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 $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 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 $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.
IRA Contribution Deadlines
Scroll to the bottom of this article for up-to-date information on IRA contribution deadlines.
Traditional, SEP, and Roth IRA Deadline
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 2009 contributions is April 15, 2010.
- IRA deadline for 2010 contributions is April 15, 2011.
As I mention above, now that you know the IRA contribution limits and deadlines, be sure to find a solid place to house your IRA.
Godspeed!
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{ 5 comments… read them below or add one }
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.
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.
That’s killing it Craig, sooooo wish I had done the same.
@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
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.
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