The #'s are out, the IRS just posted the IRA contribution limits for 2009 and they are as follows:
2008 Roth and Traditional IRA contribution limits- $5,000
2009 Roth and Traditional IRA contribution limits- $5,000 ( moving forward they are supposed to be adjusted for inflation, but the IRS did not see a need for an adjustment for inflation this year probably bc of the economy )
401(k) contribution limits: 2008- $15,500 2009- $16,500 -yay!
Over 50 year old catch ups-
401(k)'s- $5,500 for 2009 -( 2008 was 5,000)
For business owners, the Simple IRA has increased to $11,500 for 2009 from 10,500 for 2008. The over 50 catch up remains unchanged at $2,500)
PLAN ON INCREASING YOUR SAVINGS TO REFLECT THIS FOR 2009!
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1 comment:
Traditional IRA has some limits which are not much prominent in the Roth IRA. Conversion of traditional IRA to Roth IRA is a good tax move.
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