Individual Retirement Accounts
Frequently Asked Questions

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Contributions and distributions

What are the income limits for contributing to an IRA?

There are no income limitations for contribution to a Traditional IRA. The income limitations for contributing to a Roth IRA are as follows:

Tax Year 2007 Full Contribution if your MAGI* is less than Partial Contribution if your MAGI* is between
Single Filer $99,000 $99,000 - $114,000
Married Filing Jointly $156,000 $156,000 - $166,000
* MAGI - Modified Adjusted Gross Income

 

Tax Year 2008 Full Contribution if your MAGI* is less than Partial Contribution if your MAGI* is between
Single Filer $101,000 $101,000 - $116,000
Married Filing Jointly $159,000 $159,000 - $169,000
* MAGI - Modified Adjusted Gross Income

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