2008 IRA Contribution and Deduction Limits |
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2008 Combined Traditional and Roth IRA Contribution Limits:
If you are under 50 years of age at the end of 2008: The maximum contribution that you can make to a traditional or Roth IRA is the smaller of $5,000 or the amount of your taxable compensation for 2008. This limit can be split between a traditional and a Roth IRA but the combined limit is $5,000. This maximum contribution to a Roth IRA and the maximum deductible contribution to a traditional IRA may be reduced depending upon your modified adjusted gross income (AGI).
If you are 50 years of age or older before 2009: 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 2008. This limit can be split between a traditional and a Roth IRA but the combined limit is $6,000. This maximum contribution to a Roth IRA and the maximum deductible contribution to a traditional IRA may be reduced depending upon your modified AGI.
See Publication 590, Individual Retirement Arrangements (IRAs), for additional information.
2008 Traditional IRA Deductible Contribution Limits
2008 Roth IRA Contribution Limits
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Page Last Reviewed or Updated: October 30, 2008