Roth IRA Contribution Limits Table
If you have earned income and if your individual or joint modified adjusted gross income (MAGI) falls within certain
parameters, you may contribute 100% of earned income up to: 1
| Year | Amount | Catch up amount (minimum 50 years old) |
|---|
| 2005 | $4,000 | $500 |
| 2006 | $4000 | $1000 (for 2006 and after) |
| 2007 | $4000 | |
| 2008 | $5,000 | |
| 2009 | $5,000 | |
| 2009 and after | may be $500 cost of living adjustment | |
1 Please contact your tax advisor for further information
What else you should know?
- Your contributions to a Roth IRA are never tax-deductible. However, your earnings will accumulate and grow tax-free. Plus, if certain criteria are met, you may withdraw the money free from taxes.
- You can begin taking "distribution" withdrawals from a Roth IRA without paying taxes or penalties if you have held the account for at least 5 years and have reached at least 59½ years of age. Unlike with a Traditional IRA, there is no requirement to withdraw a minimum amount at any age.
- 1 These are intended as guidelines only, please contact your tax adviser for further information.
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