Maximum IRA contributions for 2009?

[Jane]

I am 64. I earn $25k a year. I also have pension and social security
income.

What is the maximum contribution I can make to a ROTH IRA and to a
traditional IRA for 2009? If I can contribute to a traditional IRA
can all/some of it be before tax money?

I have already made a $6000 contribution to a ROTH which I believe is
the max for that category.

I want to be sure to max out all of my IRA possibilities.

Thank you.

Jane

[bo peep]

On Oct 26, 7:03�am, Jane <googlemail2...@yahoo.com> wrote:
> I have already made a $6000 contribution to a ROTH which I believe is
> the max for that category.

You are already "maxed out" on both categories of IRA.

"If you are 50 years of age or older before 2010: The maximum
contribution that can be made to a traditional or Roth IRA is the
smaller of $6,000 or the amount of your taxable compensation for 2009.
This limit can be split between a traditional IRA and a Roth IRA but
the combined limit is $6,000."

Source http://www.irs.gov/retirement/article/0,,id=202510,00.html

[Default User]

Jane wrote:

> I am 64. I earn $25k a year. I also have pension and social security
> income.
>
> What is the maximum contribution I can make to a ROTH IRA and to a
> traditional IRA for 2009? If I can contribute to a traditional IRA
> can all/some of it be before tax money?

Here's straight from the source.

<http://ftp.irs.gov/retirement/participant/article/0,,id=202516,00.html>

> I have already made a $6000 contribution to a ROTH which I believe is
> the max for that category.

That's right, you're maxed. You could recharacterize some or all of it
if you wanted to make a deductible contribution instead. What's your
marginal tax bracket?

Brian

--
Day 266 of the "no grouchy usenet posts" project

[Dave Dodson]

If you are married and your spouse hasn't maxed her contribution, then
you can make a spousal contribution, based on your spouse's age,
whether she has income or not.

Dave