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IRA Contribution Limits

Contribution Form

Traditional IRA Contribution Limits

Year

AGE 49 & BELOW

AGE 50 & ABOVE

2002-2004

$3,000

$3,500

2005

$4,000

$4,500

2006-2007

$4,000

$5,000

2008-2012

$5,000

$6,000

 

 

 

Roth IRA Phase-Out Range & Limits

Year

Single

Married Filing Jointly

2005

$95,000 - $110,000

$150,000 - $160,000

2006

$95,000 - $110,000

$150,000 - $160,000

2007

$99,000 - $114,000

$156,000 - $166,000

2008

$101,000 - $116,000

$159,000 - $169,000

2009

$105,000 - $120,000

$166,000 - $176,000

2010

$105,000 - $120,000

Rollover limit removal

$167,000 - $177,000

Rollover limit removal

You can contribute to a Roth IRA if your income falls below the Roth limits. You're allowed a prorated contribution if your income falls within the "phase-out" range. If your income exceeds the income range you won't qualify for a Roth IRA contribution.

 

401k Contribution Limits

Year

AGE 49 & BELOW

AGE 50 & ABOVE

2005

$14,000

$18,000

2006

$15,000

$20,000

2007

$15,500

$20,500

2008

$15,500

$20,500

2009-2011

$16,500

$22,000

2012

$17,000

$22,500

 

SEP IRA Limit

Year

Max Dollar
Allocation

Max Considered
Compensation

2005

$42,000

$210,000

2006

$44,000

$220,000

2007

$45,000

$225,000

2008

$46,000

$230,000

2009

 $49,000

$245,000

2010

 $49,000

$245,000

The maximum amount that can be contributed to a simplified employee pension (SEP) plan is 25% of an employee's compensation, which is capped at a maximum, per above.

SIMPLE IRA

SIMPLE (Savings Incentive Match Plan for Employees).

You can find contribution information on the  IRS website HERE

 

Health Savings Accounts

From IRS Publication 969 for Health Savings Accounts:

HSA Contribution Limits

  • Self-only: $3,050 (up from $3,000 for 2009) In 2012 the limit will be $3,100
  • Family Coverage: $6,150 (up from $5,950 for 2009)  In 2012 the limit will be $6,250

HDHP Deductibles and Out-of-Pocket Maximums

Self-only

  • annual deductible: not less than $1,200 (up from $1,150 for 2009)
  • out-of-pocket expenses: not more than $5,950 (up from $5,800 for 2009) In 2012 it's $6,050

Family Coverage

  • annual deductible: not less than $2,400 (up from $2,300 for 2009)
  • out-of-pocket expenses: not more than $11,900 (up from $11,600 for 2009) In 2012 it's $12,100

The annual catch-up contribution limit (for HSA-eligible individuals who are age 55 or older), set by statute, remains at $1,000 for 2010.

Finf our more about the Health Savings Account at the Department of Treasury Website

 

Coverdell ESA Accounts

From IRS Publication 970:

When contributions considered made. Contributions made to a Coverdell ESA for the preceding tax year are considered to have been made on the last day of the preceding year. They must be made by the due date (not including extensions) for filing your return for the preceding year.
For example, if you make a contribution to a Coverdell ESA in February 2012, and you designate it as a contribution for 2011, you are considered to have made that contribution on December 31, 2011.

There are two yearly limits:

  1. One on the total amount that can be contributed for each designated beneficiary in any year, and

  2. One on the amount that any individual can contribute for any one designated beneficiary for a year.

Limit for each designated beneficiary. For 2012, the total of all contributions to all Coverdell ESAs set up for the benefit of any one designated beneficiary cannot be more than $2,000. This includes contributions (other than rollovers) to all the beneficiary's Coverdell ESAs from all sources. Rollovers are discussed under Rollovers and Other Transfers, later.

Table 7-2.Coverdell ESA Contributions at a Glance

 

Do not rely on this table alone. It provides only general highlights. See the text for more complete explanations.

 
Question Answer
Are contributions deductible? No.
What is the annual contribution limit per designated beneficiary? $2,000 for each designated beneficiary.
What if more than one Coverdell ESA has been opened for the same designated beneficiary? The annual contribution limit is $2,000 for each beneficiary, no matter how many Coverdell ESAs are set up for that beneficiary.
What if more than one individual makes contributions for the same designated beneficiary? The annual contribution limit is $2,000 per beneficiary, no matter how many individuals contribute.
Can contributions other than cash be made to a Coverdell ESA? No.
When must contributions stop? No contributions can be made to a beneficiary's Coverdell ESA after he or she reaches age 18, unless the beneficiary is a special needs beneficiary.
 

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