Is Your 2009 IRA Fully Funded?

You still have a few months to contribute to your IRA and Roth IRA's for 2009. This is a great way to cut your tax burden and save for retirement. There are some exciting changes for Roth IRA conversions this coming year that you should investigate which allow you to defer claiming half of the contribution until 2011, therefore easing the tax burden. According to the IRS, maximum IRA contributions for 2009 are the same for both a Traditional IRA and Roth IRA.  You can also split your contributions among both Roth and Traditional, but your combined contribution amounts are subject to these same limits.
Under 50 years old at the end of 2008:
  • Traditional IRA contribution limits = $5,000
  • Roth IRA contribution limits = $5,000
  • Combined IRA contribution limits = $5,000
Over 50 years old as the end of 2008:
  • Traditional IRA contribution limits = $6,000
  • Roth IRA contribution limits = $6,000
  • Combined IRA contribution limits = $6,000
  • IRA deadline for 2009 contributions is April 15, 2010.

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