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ROTH IRA and 401k Contribution Limits

August 27, 2008

Here are the ROTH IRA and 401k Contribution Limits for 2008, 2009 and 2010. Note that some of the information for 2009 and 2010 can still change as they have not been “oficially released”.

401k and 403b Contribution Limits
Contribution Year Less Than Age 50 Age 50 and Older
2008 $15,500 $20,500
2009 $16,500 $22,000
2010 $16,500 $22,000
Roth IRA Contribution Limits
Contribution Year Less Than Age 50 Age 50 and Older
2008 $5,000 $6,000
2009 $5,000 $6,000
2010 $5,000 $6,000
 
Roth IRA Phase Out Limits
Contribution Year Single Married Filing Jointly
2008 $101,000 – $116,000 $159,000 – $169,000
2009 $101,000 – $116,000 $159,000 – $169,000
2010 $105,000 – $120,000 $167,000 – $177,000
 

Note that in 2010 the income limits to contribute to a ROTH IRA are removed when doing a conversion to a ROTH IRA.

Make sure you use the rest of 2008 to max out a ROTH and 401k or 403b if possible. Remeber that investing sooner than later will allow your retirement to grow in the long term. Also consider the fact that since the market is currently down, what better time to buy low and watch it rise!

NOTE: For posts that contain bonuses, be sure to read the post for bonus expiration dates. Links may work but the bonus may have expired.

Other Posts You May Be Interested In:

2010 401k Roth IRA contribution limitsWith the econonmy in the crapper everyone was afraid that the IRS was going to lower the 2010 401k and...

2010 ROTH IRA Conversion For AllIf you have wanted to convert your IRA into a ROTH but make $120,000 / year as a single person...

Written by BudgetBoy · Filed Under Retirement 

Comments

7 Responses to “ROTH IRA and 401k Contribution Limits”

  1. Saturday Link Love: New Computer Edition (Ask Mr Credit Card’s Blog) on August 30th, 2008 4:45 am

    [...] ROTH IRA and 401k Contribution Limits at BudgetCents.net – Clearly explained, and simplified, it’s what you need to know about how much you can contribute to your retirement accounts. [...]

  2. Carol on September 25th, 2008 6:14 am

    So in 2010 everyone is eligible for a ROTH?

  3. BudgetBoy on October 9th, 2008 12:58 pm

    Yes, I beleive it will only be for the 2010 year that everyone will be able to contribute to a ROTH. Start saving up that $5000!

  4. Dave on October 21st, 2008 4:47 pm

    I think the numbers listed here for 2009 are incorrect. The IRS website lists 401k less than 50 as 16,500 and 50+ as 22,000. See http://www.irs.gov/newsroom/article/0,,id=187833,00.html for details.

  5. BudgetBoy on October 22nd, 2008 6:58 am

    Dave, thanks for that info. You are correct. I have updated the tables.

  6. Doug Prescott on April 19th, 2009 6:52 pm

    According to the current May 2009 issue of Money Magizine, the 2009 AGI income limits for a ROTH 401K are $120,000 single and $176,000 married.

  7. Terri on August 25th, 2009 12:19 pm

    So the limits may decrease in 2010?

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