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Who can contribute?

Traditional IRA

  • Anyone under age 70 1/2 for the entire tax year with earned income from compensation
  • Maximum contributions $5,000 annually for tax year 2008 – 2010
  • “Catch-up” Contributions: Individuals age 50 and older who have earned compensation will be permitted to make additional “catch-up” contributions to Traditional and Roth IRAs. The maximum “catch-up” contribution is $1000 for tax year.

Roth IRA

  • Anyone filing a Single Tax Return with MAGI* up to $95,000
  • Married couples filing a Joint Tax Return with MAGI* up to $150,000
  • Reduced contributions are allowed for up to $110,000 for single filers and up to $160,000 for joint filers
  • May make contributions after age 70 1/2 but cannot exceed compensation
  • Maximum contributions $5,000 annually
  • “Catch-up” Contributions: Individuals age 50 and older who have earned compensation will be permitted to make additional “catch-up” contributions to Traditional and Roth IRAs. The maximum “catch-up” contribution is $1000 for tax year.

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