IRA Eligibility and Contribution Limits
Eligibility requirements and contribution limits for IRAs change from year to year, and are different for Roth and Traditional IRAs. The chart below shows current and upcoming limits for both types of IRAs.
Certain rules and guidelines apply to both Roth and Traditional IRAs. Click here for more information on IRA rules and guidelines.
Traditional and Roth IRAs have different features. Click here to compare both types and determine which might be better for your needs.
Traditional IRAs
| |
2008 Provisions |
2009 Provisions |
| Eligibility Requirements |
Anyone with earned income from wages or salary under the age of 70½ (on December 31 of the year). |
Anyone with earned income from wages or salary under the age of 70½ (on December 31 of the year). |
| Maximum Annual Contribution |
$5,000 or earned income ($10,000 for some couples) |
$5,000 or earned income ($10,000 for some couples) |
| Tax Deductibility |
Contributions are tax deductible within the following income limits*:
| Deductibility |
Married |
Single |
| Full |
<$85,000 |
<$53,000 |
| Partial |
$85,001– $105,000 |
$53,001– $63,000 |
| None |
>$105,000 |
>$63,000 |
*Dollar figures represent Modified Adjusted Gross Income, on your 1040 tax form |
Contributions are tax deductible within the following income limits*:
| Deductibility |
Married |
Single |
| Full |
<$89,000 |
<$55,000 |
| Partial |
$89,001– $109,000 |
$55,001– $65,000 |
| None |
>$109,000 |
>$65,000 |
*Dollar figures represent Modified Adjusted Gross Income, on your 1040 tax form |
Roth IRAs
| |
2008 Provisions |
2009 Provisions |
| Eligibility Requirements |
No age requirement; any individual with earned income within the allowable guidelines*:
| Elig. |
Married |
Single |
| Full |
<$159,000 |
<$101,000 |
| Partial |
$159,001– $169,000 |
$101,001– $116,000 |
| None |
>$169,000 |
>$116,000 |
*Dollar figures represent Modified Adjusted Gross Income, on your 1040 tax form |
No age requirement; any individual with earned income within the allowable guidelines*:
| Elig. |
Married |
Single |
| Full |
<$166,000 |
<$105,000 |
| Partial |
$166,001– $176,000 |
$105,001– $120,000 |
| None |
>$176,000 |
>$120,000 |
*Dollar figures represent Modified Adjusted Gross Income, on your 1040 tax form |
| Maximum Annual Contribution |
$5,000 or earned income ($10,000 for some couples) |
$5,000 or earned income ($10,000 for some couples) |
| Tax Deductibility |
Not tax deductible |
Not tax deductible |
