Qualified Plan Contribution Limits
For people who are contributing to either ROTH IRA or Traditional IRA, your deadline for your 2008 eligible contribution is the tax filing date deadline of April 15th, 2009.
Here are your contribution limits for 2008 plans:
- Traditional IRA
- Age 49 or below = $5000
- Age 50 or above = $6000
- Roth IRA
- Same as above
Remember, these contributions are "Use it, or Lose it!" This means you will not be able to catch up in subsequent years so be sure to maximize your contribution every year of eligibility.
In another post, I will cover the terms of both the Traditional and Roth versions and why someone would choose one over the other.